The Beam Energy Scan Theory (BEST) Collaboration was formed with the goal of providing a theoretical framework for analyzing data from the Beam Energy Scan (BES) program at the relativistic heavy ion collider (RHIC) at Brookhaven National Laboratory. The physics goal of the BES program is the search for a conjectured QCD critical point as well as for manifestations of the chiral magnetic effect. We describe progress that has been made over the previous five years. This includes studies of the equation of state and equilibrium susceptibilities, the development of suitable initial state models, progress in constructing a hydrodynamic framework that includes fluctuations and anomalous transport effects, as well as the development of freezeout prescriptions and hadronic transport models. Finally, we address the challenge of integrating these components into a complete analysis framework. This document describes the collective effort of the BEST Collaboration and its collaborators around the world. CONTENTS I. Introduction II. Lattice QCD results A. Phase diagram B. Equation of state at finite density C. Correlations and fluctuations of conserved charges III. Critical fluctuations and anomalous transport A. Fluctuation dynamics near the critical point 1. Introduction 2. Theoretical developments B. Chiral Magnetic Effect and related phenomena IV. EoS with 3D-Ising model critical point V. Initial Conditions A. Challenges of the Beam Energy Scan B. Pre-BEST status of 3D initial condition models C. Simple collision geometry based 3D initial condition D. Dynamical initial condition VI. Hydrodynamics A.