If you have a nice unit I would try to max it out if possible!

An LLC doesn't make a difference in your federal taxes or what you can deduct.What you want to do is technically possible, but there are several hurdles. 

CA there is NO possibility of a deficiency judgement on a purchase money owner occ loan.. borrower can walk and the worse that happens is their credit will have a foreclosure if the bank goes that route or a deed in lu. 

I’d recommend a local market if at all possible.

I’d recommend building relationships with agents and accountants familiar with these markets too—state-specific tax strategies could make a big difference in your bottom line.I’m excited to see how this plays out for you!

They are too close for comfortable game play.

I'm trying to learn all I can possibly ingest!

Take the advice from @Nathan Gesner and @Bud Gaffney and learn as much as possible BEFORE buying RE.

Get a HELOC, which is possible but more difficult to find on a rental property, and is much easier and cheaper for an owner occupied property.

I give it ten or so years before we start seeing this play out.