My spouse and I purchased a home in Nov 2023 (that we will move into in about 1.5 years), that has an additional 2 bedroom apartment and 1 bedroom studio on the property.

It really depends on what your goals are. 

I've reached out to my local group for recommendations on where to go from here.

You mention going on title and taking over the loan - is there an existing mortgage?

And much colder To me the bigger risk in CA would be the San Andreas fault line.

You're essentially buying into a partnership with your friend with the partnership owning and operating the property.Now, the financial side of that gets more complicated and would generally include an advanced proforma/financial model that includes a GP/LP equity waterfall schedule that is based on how you and your friend agree that you will pay her and also share the profits.I assume that won't make sense to you right now, but I'll send you a DM.

I plan on holding this home long term due to the low interest rate (2.75%) and renting it out long term to cash flow and build equity simulataneously.

The terms on the debt look good.

Happy to provide some unbiased feedback on PMs in OH.

Does anyone have any good recommendations on books or accounts I can follow or read to learn more?