I typically respond asking how they derived their number.  

If you live in California or if your LLC is doing business in California (including earning income sourced to CA), you’re generally subject to the $800 annual franchise tax.Even if the property is held in a Wyoming Statutory Trust or an out-of-state LLC, if you’re a California resident or derive income from California, the Franchise Tax Board (FTB) will still come after you.

Key characteristics include:Right to use, possess, and enjoy the propertyEntitlement to any income, profits, or benefits derived from the propertyBeneficial ownership interest even without formal legal documentationRight to compel transfer of legal title under appropriate circumstancesProtected by courts of equity rather than courts of lawOften based on principles of fairness and intended ownershipEquitable title holders possess the actual beneficial enjoyment of the property, even if they don't appear as owners in legal records.Common Situations with Split TitleLand Contracts/Contracts for Deed: Buyer has equitable title while seller retains legal title until final paymentTrusts: Trustee holds legal title while beneficiaries hold equitable titleReal Estate Purchase Agreements: Between signing and closing, buyer has equitable interest while seller retains legal titleNominee Ownership: Legal titleholder acts as nominee for equitable ownerLife Estates: Life tenant has equitable title to use during lifetime while remainderman has future legal interestForeclosure Redemption Periods: Borrower retains equitable title during redemption periodLegal SignificanceThe distinction between legal and equitable title has significant implications in property disputes, tax matters, bankruptcy proceedings, and estate planning.

@Jaycee Greene correct - their values are derived very differently

Pay close attention to the "seller's discretionary earnings" (SDE), which represents the total financial benefit a single owner-operator derives from the business.

Those calls turn into appointments, and appointments turn into deals.Using his info, he can then derive what is performing best vs the worst.Hopefully this is helpful.

He doesn't pay Income Taxes at all, his money is all derived from these things we call 'Gains'.

Recovery houses are even more difficult because the income is largerly derived from opreating a business, not the real estate.

Richard Bartlett, MD orIvermectin, “a potential anticancer drug derived from an antiparasitic drug”Some believe that the root cause of many cancers is the food we eat and the drinks we drink and the chemicals we inject into our bodies "in the name of science".

I my opinion a bubble is derived when only irrational behavior is left to push the market higher.Median home value is increasing as the cost to build new has skyrocketed since resources are harder to come by.