This lead to piecing together payments here and there and drastically slowed the construction process and major cost overruns.

I see a conflict of interest in your role as fund manager and principal in the “operating” company.

It could indicate they lack sufficient knowledge or experience in professional property management, which may lead to costly issues for you down the line.

Adding in the layer of not being on the loan but holding title just sounds like it will eventually lead to problems like OP experienced.

This also leads owners to ASSUME simpler is better when it comes to management contracts.

All the leads I've found so far have balked at either the "investment property" requirement, the "in California" requirement (or both!)

Generally buying in nicer areas leads to better experiences and confidence in your investing, but lower cash flow when you move out.

Our property management company is 4 years old and nearly every lead we get is from referrals.

The LLC would own the property, and your 50/50 split can be outlined in a detailed operating agreement covering roles, responsibilities, and profit-sharing.Since lenders often require personal guarantees for LLC loans, clarify that your partner will be the sole guarantor.

I have made my own list of leads as well with some properties that I find vacant, probate, tax lien. but have only helped an out of state realtor on a deal a yr ago. and 2025 I would like to have the right people to go to with questions and or properties when I talk/find home owners that are willing to get rid of the property as well.