I have recently come to the realization that my area may be prohibitively expensive unless the stars are aligned and I want to see if this could be a feasible option for long distance acquisition.

We always try to align our interests with our partners.  

If my strategy is to buy a fourplex with the buy and hold approach, choosing a customer demographic that aligns with my strategy is the next step.

We are very much in the early stages of research, identifying how our wish lists align, location, etc...

We had a fairly extensive thread on this not too long ago.https://www.biggerpockets.com/forums/67/topics/463525-any-tips-re-aligning-interests-when-partnering-w-builder

I hope to get their leases aligned so they renew at the same time.  

I usually don't make too big of a deal out of this because I think the attention should really be on avoiding PTs in the first place, but the difference is there nonetheless.Your understanding of the CA franchise tax aligns with mine.

I saw some recommendations from other threads, but not sure if the specialties align (although anyone can create an LLC and draft an operating agreement I suppose).Also, are closings typically done by title/escrow or an attorney?

It definitely aligns with what me and my business partner and I are working on.

A few hundred bucks could save you thousands in taxes.You could 1031 this one into another property is that aligns with your near term plans.