Any areas in Sacramento that worked particularly well (or didn’t)?

Even if it's a total rehab if the land bank has a property in an area where the arv's are substantially high wouldn't that be a good deal or a promising neighborhood for buy and hold.

I'm in the Tampa Florida area and we charged 20% of gross profits.  

What are the best areas of a single family house to renovate that will have the greatest improvement to home value?

Some hard money lenders will fund the project but I agree with Nicholas L's response that it's harder when you are a first time investor without a track record. 

As a result, if you decide to setup an LLC I would recommend CA if you are a CA resident, operating LLC from CA, or own rentals in CA.

Unfortunately, timing was about 2 months late and the market went dormant for larger homes in our area around late August when we had the home finished.

Having the knowledge of what transmutes separate property to community property may be a very important lesson for you, as well as what liability protection can be afforded by retaining assets as separate property, if any.As to the LLC, there are a variety of opinions, but you are correct that generally any LLC "doing business" in California should register with the California Secretary of State and pay the minimum $800 annual fee. 

Do they have any debtJust because you are a note fund does not mean you do not have debt.

I am in the Akron/ Cleveland Ohio area.