Which ever you choose, maintenance and taxes will keep adding up.Refinancing can be very tricky. 

Whether or not your tenants know your the owner of the house is up to you, just be responsible on whichever direction you go.

Your friend's commission that they would receive will have been pre-negotiated between the listing agent and seller in the listing agreement for whichever house you guys decide on. 

Good luck with whichever you decide!

If all goes well and I get my principal and gains after the fund closes then I will re-invest the money to whichever fund is available at the time (SLF 15 or whichever number is there at the time) and possibly increase my principal amount.  5.

Correct @Steven Burrows, if you have a 401k you can borrow up to $50K or 50% of the balance whichever is less.

The annual TAX is a minimum of $800 on an LLC in California (or a corporate tax of 8.84%, whichever is greater) plus you may also have to pay a fee based on the income as well.

By his/her signature herein below, Seller specifically agrees to the provision stated in this paragraph: (1) Buyer may cancel this Agreement, (2) Buyer may insist upon the specific performance of the Seller under this Agreement, or (3) Buyer shall be entitled to receive from Seller a total sum of $50,000 or 25 percent of the contractual price, whichever one is greater.Enough contracts that one leaving doesn't matter

By his/her signature herein below, Seller specifically agrees to the provision stated in this paragraph: (1) Buyer may cancel this Agreement, (2) Buyer may insist upon the specific performance of the Seller under this Agreement, or (3) Buyer shall be entitled to receive from Seller a total sum of $50,000 or 25 percent of the contractual price, whichever one is greater.INSPECTION OF PROPERTY: Buyer shall have until the close of escrow to complete all Buyer investigations of the Property, approve all disclosures, and other applicable information, which Buyer receives from Seller and/or persons hired to inspect property on behalf of Buyer; and approve all matters affecting the Property, including but not limited to, the marketability of the property in order to determine the usability and feasibility of the Property.

Well @Keith Belzner  the thing with yellow letters, postcards, whichever, it doesn't matter too much about the details of the message.