Plan to rent the property by the month, targeting traveling nurse/Dr. I

If it does perform exceptionally well, the excess profits should be shared with the owner, just like in a traditional property management contract where the PM gets a % of the rents they collect. 

California charges a minimum tax of $800 a year per LLC, and more if you have gross receipts in excess of $250k.

Beyond that, any excess cash I have will either go into investments or into savings for a down payment on my next property that I can house hack again.

You should use a moisture tester on all the lumber and make sure it is dry before drywalling. 

If the insurance company sends me a two party check can I accept the excess funds without penalty?

I told him to pull out everything that might have gotten wet, get everything dry (to prevent mold), and make sure it was done right. 

Very simple to do.1) In the hole you, spray some suspend sc insecticide inside the hole. https://www.amazon.com/Suspend-Insecticide-USA-Supply-Eradic...2) Get a beekeeper suit, just in casehttps://www.amazon.com/Professional-Ventilated-Sheepskin-Bee...3) cut open the area.4) Spray inside the entire wall the suspend SC5) Dry out and close up the wall.If this cost you $200 and some time, I'd be amazed. 

Adding rooms does create the potential for more conflict but carefully thought-out floorplans, designate wet and dry storage spaces, and provide supplies.

You should only consider switching when your current software has a significant flaw or lacks features that force you to spend excessive time on workarounds.