But every day investors buy less than desirable property utilizing high leverage debt at high interest rates producing high risk of negative cash flow and built in negative equity.  

Haven't found much resources on how to structure the deal whether to buy out partner's shares at existing basis (I believe this wouldn't be advantageous as I wouldn't get to mark the asset to market and lose out on depreciation) or open new LLC or S-Corp and buy out both partners (I would end up taking gain tax due to sale but would get new dep. basis).

Not an "expert" but I house hack Raleigh and work with house hackers in the area every day.

Monopoly’s cool for learning the basics of investing, but Cashflow by Robert Kiyosaki is another fun game that goes deeper into it.Oh, and I play CS2 every day, and it’s great for getting better at strategy.

Buying a random property in OH or AL or KS solely on the basis that it has a lower purchase price than a property in CA just isn't going to get you very far. 

I have gotten on chat support like every day since we got it because something is not working right.

You might face transfer taxes or reset your property's tax basis.

Who ever told you that is not right. we do it everyday.

In the absence of an appraisal, when purchasing buildings that include the cost of the underlying land, you must allocate the total purchase price between the land and the buildings to determine the depreciation basis for the buildings.

That should be a solid way to talk to potential sellers every day.