.$847 in the bank699 Credit Score133% revolving utilization/over the limit maxed out personal credit cardsQuite a bit of other high interest debt/loans borrowed during the first year in business$3,580,000 Appraised Portfolio Valuation$2,139,400 DSCR Mortgage Debt in my LLCs$1,440,600 Equity (Appraised Value-Mortgage debt)8 Remodeled SFRs1 Converted Remodeled Duplex2 SFR Remodels currently in process2 Apartment Buildings - 13/14 units occupiedA little more experience to say the least234 Audible books in my libraryAs I'm sure any experienced investor can gather, having the sizable amount of personal debt as I do, supplier house account payments due, PMLs that need to be paid, etc, not having liquidity/any money in the bank is an ISSUE.

They are an insurtech for small business insurance. 

Figure out how you are going to find buyers/sellers and build a business.

Quote from @Dan Hertler: I currently manage some of my out of state rentals, but would like to create my own property management business locally in New York (Long Island). 

Should I set up an LLC, open checking account in business, and use this for collecting rent and paying morgage/expenses?

From what you’ve described, it sounds like you’re more focused on long-term appreciation and future benefits rather than immediate cash flow.

I’m pretty handy with tools and business minded.

Reading Vanessa Peters book “the busy professionals guide to passive real estate investing” and in it she has a chart showing initial investment of 100k, 8% preferred return, 20% cash on cash return including sale of property, and 5 year hold.Each year she shows $8k return (years 1-4) then a $168k return in year 5 including the return of equity.

My partners and I have just formed our real estate investment business and are considering Danville area to invest.

Even if you create a non-CA LLC, if you are managing the business from California, you will likely be deemed to be "doing business" in California and therefore likely subject to CA taxes.