Hi David - congrats on getting started with flipping in the California market.

Go to the CSLB website and much is outlined there.1 Lots of businesses including construction companies shoot for 20-25%, the higher the margin with increased volume=$.2 Most B1's that I know started as framers, some in concrete, some from underground construction.

Also very interested in this topic, currently using about a million spreadsheets to track renovations and it's all starting to blur together.

Can someone point me on where to start?

Once he has some experience, your friend could start a fund and take on investors.

I feel I need to protect myself and get the property to be owned by an LLC...But I need STEP BY STEP instructions including how to start the LLC. 

I'm starting a  househacking journey and my mom will be financing the home.  

I'm very excited to get started with building my investment profile. 

But that could take decades and not really what it sounds like you’re interested in.Foley is starting to grow quickly right now.

The presence of the wiring was noted a week or so after we were in contract, but I also assumed from the start that it may come up on inspection due to the age of the property, and its location.