Never taken advantage of something like this and I'm averse to it... the crunch time with a ticking promo period with an overkill of fees/penalties is not worth it for me.

It is recommended for higher property counts but is a little bit overkill for a small portfolio. 

If you have less than 20 properties quicken (quickbook’s little brother) is overkill.

Or is this an overkill ?

I used to use Quickbooks but it's clunky and overkill IMO.

You have an unrecorded operating agreement giving you 99.9% of the income, assets, losses,etc.However, this is probably overkill.   

But that is overkill for you.

Should I eventually move the properties into new Wyoming LLCs, or is that overkill?

There's certainly no right or wrong answer, and as you say, everyone has their own opinion, but generally I think you will find most people on this site having the opinion that such an involved structure may be overkill (of course, no one has a crystal ball either).California is generally more cumbersome than other states when it comes to taxes and filings.

Our lawyer has said a LLC will be overkill for this situation and will have additional overhead.