So maybe in 5-10 years it could make sense to end this partnership simply due to logistics and where we'd be investing at that point.

As @Nathan G. simply put, you need to include all income and expenses in the analysis. 

I knew it would be a simple answer, but one that I was simply not aware of.

While an introduction and a bit of simply "getting my feet wet" has been my reason for posting, I suppose my ultimate goal with joining bigger pockets is networking and seeking advice for off market deals (and all thing investing) Also, I am interested in finding new local investors and lenders to work with!

You can structure it all in whatever way is needed to make it a WIN / WIN (make sure everyone wins).

Anything cheaper than rent ($800 a month) would be a win in my opinion but at the same time I don’t want to be screwed into something I can’t refi out of.Please help!!!!!!

Trust me we all started with that 'one property' & many dropped out of REI simply because of that 'one property'.As you suck it up & continue to accumulate a larger portfolio there will always be that 'one property' that's the proverbial PITA.

Such plans are simply a different configuration to allow that underlying IRA to be invested differently, but all other characteristics of the IRA remain the same.A LLC is not required with any IRA to make it self-directed. 

Slow and steady wins the race.A lot of Californians choose to deploy their capital in these Linear/Cash Flow markets.

Is it simply just the contract?