Short term or midterm rentals (under 30 days) can also limit your exposure to the negatives of California's tenant laws. 

-Are you open to a bonus/penalty system, for the overall occupancy and financial performance of the property?

Working with a title company and consulting a real estate attorney can help minimize exposure.

You also asked if you should put your own house into an LLC.Yes, I think getting a Home Equity Line of Credit is a great way to get access to that equity and only use and pay for what you need.Putting your own house into an LLC may affect your ability to claim homestead taxes so you may not want to do that and may also affect your home insurance.However, putting your fix and flip into an LLC can reduce your liability exposure but make sure you also have the right insurance on the property while it is being worked on.

MTR is not my specialty but I am all for maximizing exposure. 

be careful of those offering to do these deals and wanting commitment money up front 95% of those will be fakes and will just steal your money.. you have to realize that gap funding behind HML is by far the most risky loan anyone can make in real estate .. so u may not have many if any takers on this unless your offering a big equity upside bonus and more of a partnership.

I bought mine because it was cool and cheap, the in garage deliveries were just a bonus. 

Lots of bonus depreciation opportunity.

Do a cost seg study and take bonus depreciation to offset other income.

For context, I'm in my 30s and while I'm healthy, my days of working back-breaking jobs for minimum wage and "exposure" are over.