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Well, of course it wouldn't be quite the clean break some of us might like to think. It's easy to think of all the trouble CA brings in terms of insane liberalism, but that state is also very key when it comes to a number of areas.

For example...

Fiscal Year 2012 - California was the #1 state in Federal Tax revenue collected by state with gross collections of nearly 300 billion, $292,563,574,000.
VS Per capita federal spending fiscal year 2013: CA ranks 15th lowest in the union.

CA has 2 of the top 10 busiest ports.

CA is the #1 agricultural producing state (2015) with a 12.4% share of U.S. receipts valued at just over 47 billion, $47,071,513,000. The #2 state is Iowa at 7.3% at nearly 28 billion.

CA military bases - Air Force (6), Army (17), Navy (19), Marine Corps (8), Coast Guard (12):

Of note:
Air Force - Edwards AFB (Hosts an average of 200 special test programs at the cutting edge of aerospace technology).
Vandenberg AFB (Major spaceport with 6 active space launch complexes).
Navy - NS San Diego (Pacific Fleet’s main homeport)
NAS Lemore (Largest master jet air station of the United States Navy)
Marine Corps - Camp Pendleton (1 of 2 main training/base camps).
http://www.militaryauthority.com/wiki/military-bases/nationwide/california/

I think some of the best things that could happen in the short term is to (1)defund sanctuary cities, (2)enforce current immigration law, (3)deport criminal foreigners here illegally and (4)make economic conditions very, very difficult for those foreigners here illegally such that they will by and large self deport.

Of course, these things would be best for the entire country, but they would also be a good start and just might put CA back on the path of becoming the state that gave us Ronald Reagan.

1) regarding federal military bases in a independent California:

The US military currently has 800 military bases in foreign countries, some of these have been bases for 75+ years. not a deal breaker

2) federal property in California;

Title is typically held by a federal entity ( Dept. of Interior, DOJ, Treasury, etc ). These entities can decide to hold, sell, or abandon their property the same as any property holder.

3) Social Security and/or federal pensions:

plenty of Americans currently living overseas collect ss and/or federal pensions. not the slightest practical issue.

4) Water;

Water allocation rights are negotiated between the respective states. These ‘treaties’ would remain in force.

5) Electricity:

Existing power purchase agreements would easily remain unchanged. FYI - New York State imports about 30% of its power from Canadian companies.

CALexit could be surprisingly uneventful. And a very good outcome for the rest of Americans.