These can provide good cash flow and are easier to manage than larger commercial properties, especially when you're just starting out.Also, when I was starting, I found local meetups super helpful.

I've managed a number of successful rehabs and put a lot of sweat into them as well.

The average rental is $1350 a month so you might be able to get someone in there at 1/2 price to manage the wedding venue.  

Even if you create a non-CA LLC, if you are managing the business from California, you will likely be deemed to be "doing business" in California and therefore likely subject to CA taxes.

We negotiated a deal with the owner for 20% Equity, we are responsible for infilling the community as well as property management (which we also get paid separately for).

5unit is probably manageable.  20 unit is work I would think. 

Property management is also in place. 

I think it would be beneficial to set up your own management company to manage your assets.

I'm a local, CT based investor, flipper, and property management company owner.  

Investing in real estate in actually starting, managing, and marketing a company.