With intentions to live & flip I'm now thinking I want to hold this property.Debating on what my next move will be...Keep in mind I need a place to sleep too..What do you guys think?

Personally, I focus on having sufficient reserves available to get me thru a soft patch. 

Last thought as a quick reference in your searchClass A- place where you hope to liveClass B- place where you would be ok livingClass C- Only living there if times were really roughClass D- hell no, I'm sleeping in my carClass F- i might as well be dead.   

At first, it would be for smaller commercial properties, but if the relationship grows well and we make a good team, I'd love to scale up with them.Ideally it's a win-win for all:For the PM:They get a large chunk of equityThey get more business.They get access to my investors' capital for potentially future dealsIn a way, they eat what they killFor me:I look favorable to the lender with an experienced PM team as a partnerI'll get a deal under my beltI'll be able to get help with the downpayment, reducing the burden on my investors and myselfFor my investorsSure, they lose out on some equity, but they'll get a (slightly) higher return due to the lower monthly management feeThey'll sleep easy knowing that the PM has skin in the game and is experiencedTo be clear, I'm playing the long game, so I'm more than willing to do say, a 55/30/15 split with the PM/Investors/Myself and with a 3-5% monthly management fee.

Honest assertive direct respectful...and sleep like a baby

The property can be used as a hostel with 10 double beds, sleeping 20 persons in its full capacity.

4) Should I involve a RE attorney or are the CA Realtor Assoc Board forms sufficient?

We also expect all tenants to prove sufficient income.

The properties and the loans will most likely need to be in your personal name (no LLCs), and you'd need sufficient credit, income, and DTI to qualifiy for both loans simultaneously. 

Our tenant from hell has moved most of her stuff out, we think, and isn’t sleeping at the property.