I am a relatively seasoned real estate professional with experience as a broker, property manager, investor, syndicator, attorney and urban planner...and I like to think I have at least a sense of the CA market from multiple perspectives.

They are also required to take continuing education to keep their license.I think you should choose your tax professional on his/her experience in the area of taxation(real estate) that you are looking for.I would choose an EA with 5 years of experience in Real estate than a CPA who does not practice in real estate taxation.Please be mindful that most accountants will say that they deal with your type of tax return in hopes of keeping your business.

I am a Semi-Conductor professional(PhD) with two small kids and as such all of my time is used and the option of a more active investment is very difficult for me. 

I just want to be a professional as possible.

As far as disclosures, just get in the practice of adding “one or more parties to this transaction is a licensed real estate professional” to all of your contracts, where you are acting as a principal and not (just) a broker/agent.

Readers are advised to seek professional advice.

In general terms @Brandon Hall strategy is probably good for you, although you'd need to sit down with someone who's a professional and knows your specifics to determine the best route for you.

@Rebecca BelvinSome things you may want to do during escrow/closing:Get the property inspected by a professional inspector.

Some will accept certification from a “design professional” that the work complies with all applicable codes.

Russell, is it possible to find safe neighborhoods at that price point by choosing the right markets or doing background checks or renting to people who's jobs are tied to the area (like a hospital worker)?