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

Personal Guarantee: Will you require this?

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.

This is our boilerplate language:Insurance: Tenant should obtain a renters’ policy of insurance on their personal property.

Juggling between work and personal life can be tough, but having a property manager can take some of the pressure off and let you focus on your other priorities

It's not a personal sale between you and your son, but rather a sale from one LLC to another.

Right now, the best offers around me are for some 1.3-4 million, that only generated around 100k per year gross, so there would be a high chance of not cash flowing, and paying money, especially with a commercial loan (these buildings have more than 4 units).I was thinking that although the rental itself does not generate money, I would be able to deduct the mortgage interest, and depreciation from my personal w2 income and would be net positive.

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

I have personally worked with @Wale Lawal and he is awesome.