I'm not sure how well Bukele has done with property rights although he's really into Bitcoin so I think he at least supports property rights in principle.

4.If the future billionaire doesn't want to fund his mistakes maybe they could sell one property to fund  the other two?

In chickens and bitcoin.

I think Richard Branson says first become a billionaire and then start an airline...

If the other billionaires from real estate are any indication then I have. 

I didn’t have enough money for renovations on my first deal last year so I basically gambled on bitcoin / ethereum until I had tripled my initial $2500 dollars and then pulled it out due to the necessity of paying the contractors.

I heard a quote from a successful billionaire New York city real estate investor that reflected his philosophy. “ I take care of my properties and they take care of me.”

Look at a list of billionaires and you will likely see a lot of names that you do not knowI still believe it is the entire package that dictates the level of success. 

We don't want to be billionaires one day, but we also cannot fathom living the way we do now. 

Are you willing to bet that return on the capital you have in this property will outperform other investments (RE in CA, RE out of state, stocks, bonds, bitcoin, sports cards)?