One common approach is to form a legal entity, such as an LLC, where both of you are equal partners.

You've done a terrific job of detailing the components of each program.

I'd be able to quit my job and do this full-time if this can work! 

A lot of research and studies have come out around high paying jobs make large impacts. 

We live in the bay area because this is where our jobs are and we have family in the area, but we prefer to invest in landlord friendly states.

Sure, I could look for a higher paying job, but I was wondering if anyone has any creative short-term methods to improve my ratio.

I don’t know how common vacancies are but I would say I could cover about 4-6 month in case of an emergency  

 - flipping is a job, stop flipping and stop making money.  

Common deductible expenses include mortgage interest, property management fees, repairs, and even travel expenses related to property management.

Without population growth, your rental income will lag behind inflation, requiring you to find additional sources of income.How long your rental income lasts depends on the job growth in the investment city.Non-government jobs are inherently temporary.