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).

Property management is also in place. 

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

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. 

Keep systems in place for managing documents and contracts.6.

As a property management company in Washington, we help owners navigate these challenges and optimize profitability if they want assistance analyzing their property or planning future strategies.