Also, we'll need to know what your other expenses will be (taxes, insurance, etc.). 

If you need financial help, ask under the "Finance, Tax, and Legal" forum.

A professional trustee such as Exeter Trust Company is the way to go if you want it done right, imo. 

You should speak with a CPA and a tax attorney to be safe.Regarding your thoughts about 1/3 equal splits - sounds good until you check out the cost of getting a DSR rehab loan or borrowing hard money.

Assume my marginal income tax bracket is very high, and mortgage rate is 5.25%.

It is not cash flow positive at this time due to high interest rates and property taxes.

I’ve been researching local professionals and would welcome any advice on how to vet and connect with reliable team members, particularly in a high-cost area like the Bay Area.As for hard money, I haven’t explored it in depth yet, but I’m open to the idea for the right deal.

As a professional property manager, I'm coming across an interesting trend related to institutions providing financial assistance for tenants who have trouble paying their security deposit and I would love to hear feedback from the BP community.Large PM companies have begun partnering with financial institutions, such as Rhino Insurance, to help tenants who struggle with paying their security deposit.

Any way around paying the very high property tax, school tax etc. in SC?  

Using an insurance and bank loan product, putting $500,000 each year for 10 years so your family gets $2mm tax free each year forever.