@Andrew JaquezI think what you're missing is... there will be lots of other expenses, and there is a 0% chance you will cash flow that much.It sounds like you've been going there in person to look at properties - is that right?  

There is a person in California who asked me to move into their house to rent but I am more interested in buying the place as it can be turned into a multifamily property.

Find the house, flip it, sell it, pay my own personal expenses.What would be a fair payout to a financing partner like this?

If a legal issue arises with Property 1, only that property’s assets would be at risk, protecting the equity in Property 2 and any other properties you may own.Asset Isolation: Isolating each property in its own LLC helps protect your assets from creditors or lawsuits targeting a specific property, thereby providing a more robust legal shield.Financial Management and Bookkeeping:Regarding your concern about financial management and the practicality of handling multiple LLCs:Centralized Banking: Using a holding company’s business account and credit card can simplify your bookkeeping.

In episode 943 of the podcast the guest, Jeff, said that if you pay your debts through a business account for 12 months, they will no longer apply to your personal debt-to-income ratio (DTI). 

I find properties myself or use personal connections.

This is a highly personal decision.

I would personally stick with Sacramento or within a 2 hour drive if you're going to BRRRR where you could check up on the project.

(I know this may be a personal preference but help would be appreciated). 

Quote from @Melanie Bor: I recommend you attend some networking meetings and speak with other investors for personal recommendations.