Does anyone have advice on next steps and/or examples of terms, operating agreements, types of LLCs ect. ?

Take a look at BP's blog where new articles are published every day: https://www.biggerpockets.com/blog4.

I'm planning to put in my first offer on my first rental on a SFH in Kansas City in the next day or two.$140k offer8% interest rate20% down8% management fee5% vacancy5% maintenance 5% cap exI haven't gotten insurance costs yet but it's been suggested that I plan for $2k per year. 

You can certainly negotiate some closing costs from the seller on the buy side.

How do you approach educating people on the realities of the business? 

Are you saying that the IRS-1065 Is going to be pulled into an audit, or will just the disgruntled partners IRS-1040 be pulled in for the audit?

Hey @Chris Pratt, I'm also in the LA/SFV area.

Lots of DC area investors and pros here on the forums. 

I'm hoping they'll just go at the end of the month.

Just seems strange.