BTW: most owners that have hired a PMC, don't want to speak with you, much less meet with you in person to hear a hyped-up sales pitch.Also, you want to do rental arbitrage - so, you will need to be properly licensed to manage properties you do not own as required by your state & local laws.- why would an owner want to do business with someone NOT properly licensed?

Check out this table: https://www.municode.com/library/ca/oakland/codes/...This is what you're looking for: https://www.screencast.com/t/Xkyp3OZWkI Oakland, for a building with 3 units or more you need to have a lot sized at 7,500 sq ft.  --- From the zoning code it says, an RM-2 zoned lot can have "1 unit per 2,500 sf. of lot area"If you don't meet that lot size requirement you'll need to make a request for a variance, then post notice about the desired change in front of the building.

Just keep in mind that there are further steps you'll want to keep to minimize the possibility that your entity is ignored for this kind of personal liability (say, if you were the person who didn't properly clear snow, or if your finances and the LLC's are comingled).And I agree with @Chris Seveney, insurance may provide adequate protection based on what's available to you.

Just guessing the numbers.If we put down $400,000 together with an interest rate of 7% (it could be higher), then im guessing the monthly mortgage with insurance and tax would be around $3,886.If each unit rents for $1,500/month: Total Monthly Rental Income: 1 , 500 × 4 = 1,500×4=6,000 Monthly Expenses: Mortgage (PITI): $3,886 Maintenance/Repairs: $500 Property Management: $600 (10% of rent) Vacancy Reserve: $300 (5% of rent) Total Monthly Expenses: 3,886+500 + 600 +300 = $5,286 Monthly Cash Flow: 6,000−5,286 = $714We split the profit in half so each person takes $357 a month..How much should we be profiting from this in order to make it attractive to jump in? 

While an LLC can offer liability protection and tax benefits, it’s not essential for a single property—personal liability insurance and an umbrella policy may suffice for now.

It kinda creates a much smaller threshold for the tenant to save money if they were to keep an eye on their usage since I'm paying a large chunk of it, while also being able to keep any eye on how much they spend so it gives them that personal incentive to watch their usages.

I will say unique properties can sit since you are finding the "right" person.

My wife and I plan to purchase a few properties ourselves, but with the lead generation strategies I’ll be implementing, I expect to come across more deals than we can personally handle.That’s where you come in!

It sounds like this is their personal residence.

There's no way around it unless you specifically work for one person only.