The purchase price, construction/labor costs, and ARV are all higher here in California than most states so I already have a high tolerance for risk and have the necessary liquidity to scale. 

Big companies expanding in the area means employment and a strong tenant pool and high occupancy rates.

However, fees can be high, including asset-based and transaction charges, and strict IRS rules require careful management to avoid penalties.

Assuming it will be Single Member LLC (you as a member/manager), it will come back on your schedule E anyway, so only thing you loose is $800 in california and bit more of paperwork but that preps you for future.Note - this is a very high level advise and mostly a personal preference. 

However, the loan would need to be under my name, as they won’t allow LLCs.I’ve received advice from others who feel comfortable with this arrangement as long as they have high insurance coverage limits, which the lender also recommended.

Prices are high and coverage can be hard to fine, especially in the mountain counties and for habitational buildings.  

We are both highly dedicated and ambitious individuals with a strong desire for personal and professional growth.

If you are just starting out and you are local, I would highly suggest self management.

Now a giant city 250,000 people and home to Cowboys, Stars, FC Dallas, minor league baseball, lots of companies, new Universal Studios theme park and something like 10 high schools now...big high schools. 

The fact that homes are pricy does not make house hacking a better option because those have gone up as well and the rates are just high to get a loan on them.