So, things change a bit.If it is his personal home, there are more restrictions.For an investment property, if you take over his financing, read through the deed of trust (mortgage) and see how they handle transfer of ownership.

I personally would revisit your strategy of buying a negative cash flow property in SoCal, right now.

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I financed this property using down payment funds from 403B and a local commercial bank. 15% down from personal funds. 85% down from community commercial bank. 3yr balloon, 20yr amortization, 7% interest rate.

Personal Guarantee: Will you require this?

The other PM can be a fix-mindset type of person where they are not willing to share anything unless you have a property and are willing to sign a PM agreement in the same conversation. 

Do you own these properties in your personal name or through an LLC?

Definitely a personal preference.

The drawback is you need to build trust and relationships upfront.Both have their place, but private money tends to offer more flexibility, while hard money is more structured and accessible if you lack personal connections.

Every company has atleast 1 person who leaves a negative review but what you fail to realize is that this is real estate.