A PM company in California is required to have a broker officer, so either your dad can take on that role and put you in charge of the operations, or you can obtain your broker's license first.

This seems like my best bet at the moment.

This approach allows our clients to enjoy consistent bookings, great reviews, and higher returns on their properties than a average or mom and pop operator. 

I’m thinking this could help us with tax deductions, especially if we operate at a loss.Does anyone have experience with a situation like this?

I'm trying to buy, fix, and rent real estate and created an LLC with my partner who is putting up most of the capital but he will not handle operations at all.

@Larry Caper if your goal is to do your own deals and you do not want to expose your investors to other operators then you need to create a fund of funds.

Your best bet is to get a lawyer. 

We've already put together an LLA, and found a generic operating agreement online.

Your raise happens to be on the lower end of where such firms operate but certainly a plausible option assuming the investment thesis is sound & the GP checks out. 

We are currently in the final stages of an AI driven software that is going to essentially allow us to manage co-living properties effectively, without any of the staff or operations typically needed by rental properties.