I positioned mine near Case Western Reserve University and the hospital system, and that has been a major advantage.

Yes, you aren't taking advantage of the better financing options available for homeowners, but that's only one of many things to take into account when investing in real estate.California is also a really tough state to invest in; high prices, unfriendly to landlords, etc.

Haven't found much resources on how to structure the deal whether to buy out partner's shares at existing basis (I believe this wouldn't be advantageous as I wouldn't get to mark the asset to market and lose out on depreciation) or open new LLC or S-Corp and buy out both partners (I would end up taking gain tax due to sale but would get new dep. basis).

The advantage to long term renters is the consistent cash flow, lower start-up cost.

How are you generating steady cash flow, benefiting from appreciation, offering tax advantages, and diversifying your investment portfolio?

The bigger and more diverse your business, the more cumbersome managing multiple policies can become.Administrative Burden: If managing multiple policies is consuming too much time or resources, consolidating may be a way to streamline operations and reduce the workload on your team.Negotiating Leverage: When your business reaches a certain size, you may have enough premium volume to negotiate better terms by consolidating with a single carrier.Final ThoughtsConsolidating your insurance portfolio into a scheduled program can offer significant advantages in terms of cost, simplicity, and risk management.

In fact it will more likely be advantageous to you. 

Here are a few suggestions on how you can maximize the wealth of information available: Check out the blogs and podcasts, or take advantage of the search feature (magnifying glass).

But see if you can take advantage of sec 179.

@Michael Plaks I've had no issues with them but, wonder if they are giving me all the tax advantages out of my rental.