Perhaps if your partner was a general contractor or handyman type there may be some merit there to reduce costs / increase profitability.If your partner enjoys deal sourcing, a better move might be for him to become an agent - so he could legally collect commissions from finding deals and managing properties for multiple people. 

While not mandatory, a specialized accountant can reduce errors and provide significant tax-saving strategies tailored to your situation.This post does not create a CPA-Client relationship.

With this, along with shifting the utilities to the tenants and reducing the management fee to generate an NOI of around $103k, I'd estimate the value around $1.8M to $2.0M

This reduces exit options and affects the value. 10) Small number of small units is the most expensive residential development there is.

The problem is you can't afford to properly make repairs when you are dealing with the lower tier properties and go with the cheapest bids doing nothing but putting duct tape on issues that will become recurring or believing you are making the repairs correctly but use inferior labor and materials because its all the property can absorb cost wise.  

If this job popped up out of the blue, your intent was not to move within the 1st year, so you may be ok.If you are planning on building a portfolio of homes, it is safest to stick in your home for 12 months to reduce the appearance of potential fraud. 

Turning over some kind of commercial property is more labor intensive but it also scales quickly because of potential returns.

Dont chase yield and don’t try brrs until have owned a few with tested contacts for labor. 

for labor and arv?

Without the high leverage you reduce the top source of return in CA RE which is achieve via the appreciation on a high leverage property.