As long you don't sell or refinance before "B" is pay off you are fine.I don't understand what you mean by "what if you want the partnership to be limited."    

I do understand it is a business and I do agree. 

Not an expert but here is my take:As I understand it, FHA is meant for owner-occupied properties.

I'm concerned more about other implications... taxes, etc. but I really don't understand much at all. 

@Drew Reynolds I'm not sure I understand that second part can you explain it a different way? 

@Don Konipol Thanks, Dan, that I do understand.

I’m a newbie and I genuinely want to explore and understand hard money options, so I can set up my financing and get going.Please ask any questions, if that will help with my situation. 

My understanding is that in the state of California, you are not able to wholesale double close a property on the same day as you close on it.

To figure out what places have rented for in the past I use rentometer.com and for current rentals I use Craigslist/zillow/apartments.com etc to find as many comps as I can.I use the historical to understand what things are actually renting for and the currently available to understand what my competition looks like in order to land somewhere just above the average.

I work on Staten Island as a realtor, so I don't want to play Monday morning I told you so ...I can say this , I advice against buying property with out a certificate of occupancy, I had investor do it , but they understand the risks and can wait it most times .