The property is a covered land play for eventual sell or partnership with a Multifamily investor to build around 200 class A unit.

If so, what course/class would I need to take in California?

Even though you took the RE class and got licensed and your boyfriend took the steps to be an inspector doesn't mean you know real-world scenarios as that takes many years.

What they don’t realize is there is a large number of other neighborhoods that are mostly middle class owners and renters.I also firmly believe in the potential for vacation rentals in South Lake Tahoe.

If I were doing a pet deposit I would require 250$, but would adjust based on the property class.

I agree there are some risks and also dilution in cashflow because of HOA , but these are class A areas with around 7-8% cap rates - so as a part of a broader portfolio, I felt comfortable with a 30% mix of such investments.

Most of my properties are in cheap C class hoods with rent averaging only around $1,300/month.

I would recommend you take a financial class called "Wealth Management" at Tippie College of Business taught by Ashish Tiwari.

I signed up for the real estate classes and they will be completed at the end of february. 

It's 'class B/C' and not type.