This is an ongoing issue in many states best I can tell from talking with others.  

Partner #1 will be the financier and provide the funds to purchase and will handle the tenant payments, while partner #2 will manage the rehab of the property and ongoing maintenance.

Great to hear your already working on going after another deal

They are underinsured believing that a n llc is some magic shield.If you go the llc route then sit down with the proper professionals and understand exactly what you need to do to make it a viable llc -the ongoing work it entails-and not one of the majority of slap-dashed llc’s that do nothing but give people a false sense of security and accomplishment.I do not have my buildings in an LLC.

Also, be sure to ask her/him about ongoing LLC maintenance requirements such as annual reports, annual taxes, annual meetings, etc.

If someone does not read the instructions or call for help, they get what they create.All IRA horror stories have one common root - failure to educate oneself on the process.This can stem from several sources:Plan providers that focus on marketing, not education.Plans that do not come bundled with access to quality ongoing support.Investors who just think of this as "an account" or "a pile of money" and do not respect the fact that with the freedom to take more control over their investment portfolio comes a responsibility to be aware of and operate within the rules.For investors who take the time to be properly educated and work with a quality provider, there is very little risk. 

Anyone planning on going or have gone?

That being said, it really seems like you’re focusing on going west.

Because it takes a while to get traction I’m not sure I would commit to CA but that depends if you plan on going back at all.

I can come off as a little brash but if can come with your best foot forward, I don’t plan on going to anyone else to bid out this loan.”