We do detailed preliminary planning for budget purposes but the actual rehab plan almost always changes once we get into a job. 

I think the purpose of the code was to prevent people from building a full duplex.

The purpose of the analysis is to see if it is a good investment, so yes, you would run the numbers as if you were renting out one side.  

MANY sellers (I know this from personal experience) are pricing their property just below market value, promote an open house and spur a bidding war. 

Not everyone is cut out to live with a HOA and they are the biggest reason why investing in condos for rental purposes is a bad idea.

I have to admit that I was expecting to see that you disclosed your company promotion at the end of your letter.I do think that California is at a peak in a seller's market but it's hard to tell how long it will last and what will be it's length of time.  

My aspirations in real estate is to promote a comfortable steady income where I'll be able to replace my "JOB" in having more time to enjoy and do more things with my family more consistently.

I'm also a member of a 3-party LLC that has been formed with the express purpose of purchasing real estate as an investment.

Jackie was the reason we did it and she helped to promote the first workshop.

For purposes of depreciating the property, how do I determine the value of the property?