I have a very unofficial thought on how you can learn your weak areas... unofficial in that I'm just making it up but I think it's something that's worked for me...Instead of looking for your weak areas specifically, look for your strengths.

@Conrad Legé @Jake Fugman @RayHarrell thanks for the info and great questions -- let me be more specific. 

Good deal flow (you should ask them how many deals they sold in the past 6 months)List deals that meet your specific investment criteriaResponsiveTrustworthy (for example, offering memorandum is accurate, rental comps are accurate)Offers connections to other real estate professionals (e.g., mortgage brokers, property management, etc.)Open book: allows you to ask questions about their current and past listings

It sounds to me like you would be an Owner-Builder, which wouldn't require a GC license or any specific insurance other than the Course of Construction and General Liability policies an owner would generally carry.

I'm not saying $300 is going to make or break my cash out deal but $600 for an appraisal is absurd, especially when I both purchased and later refi'd this specific property and neither time did it cost me more than $300. 

There are lenders that will base their lending decisions specifically off the rents received, not off your entire financial situation.

I would also recommend that you find the realtor in your desired segment who has specific analytical capability with up-to-date market data. 

The Property Management amount is a Guaranteed Payment and is reported on line 4 or line 14 of that specific partner's K-1 with a notation of "A" as the payment type.All other profits and losses for that partner (and any others) get reported on line 2.Do not 1099 the partner.

That is for sale or might be for sale in California, also specifically the SF bay area or LA ?

There is money that is made there but only those with very specific local knowledge and a very tough property manager.