Test it! 

However, I will advise, that waiting until you individually have 20% will typically be better than rushing into a partnership without preparation.

The lender should have enough information to run a Term Sheet that describes the loan they will issue if everything checks out.Have the sellers prepare 3 years tax returns and P&Ls, plus YTD for 2021. 

What is the best way for me to prepare for selling the house "as-is"?

I'm guessing you can probably take the test in your state too at some kind of testing center, but not 100% sure about that.Come on down...plenty of people moving here. 

I have a SFH that has done well and my tenants (whom I really like)told me that the next-door neighbors are preparing to sell.

Any tips on preparing for the California Broker exam?

You will see unprepared landlords bemoaning the "tenant friendly" court and you will see prepared landlords getting what they seek.

It probably couldn't hurt to learn about it in the meantime to be prepared for a different market when things have changed but for now I wouldn't expect to find many deals in foreclosures. 

I also would like to know your thoughts are where to draw the line regarding pre-emptive activities versus squeezing more life from current situation and just being prepared to act when something gives out.Thanks in advance,Tom