Are you military?  

I don't think that's going to work as far as getting notes because they're going to ask if you are a guarantor to any other debt.

The median SF is 2140, which means the median price/sf is $187/sf.

Since you are retired, you want to preserve that $200k and make it grow I assume?

So, they don't owe you anything and you should probably be grateful for any amount they gave you.1) It's probably cheaper for them to offer you "hush money" to keep quiet vs suing you for libel.

Why did you conclude that wholesaling was the way to go?

It sounds good in theory to split one into more, but you want to keep banking equity on this one as it requires nothing from you and pays you money which is the whole goal of real estate investing.

So, if you create an LLC in another state, you will likely need to register it as a foreign LLC in California.

@Ahmed MoustafaThe general Fannie Mae guidelines you mentioned are for non-renovation loans. 

Let me know if you are interested in working together.