We looked at some new construction but I prefer older houses and not being 3 foot away from your neighbors house.

And 15% for maintenance and capex sounds about right for normal rentals.....not for low income rentals in D class areas, I'd raise that number signficantly.  

BTW, you can accept commission in most states with a California license provided you don't step foot in the state during the transaction.  

I want to make sure I know what I'm getting myself into and start off on the right foot with the new unit.

Having large success is scary and anything with a change that is positive or negative is hard to do because you are moving to a "new normal".One way to get them to be quiet is too mention you are following other investors who have XX units and have enough cash flow that they never need to work another day in their lives.

I am a very fair individual, and not greedy in the least bit, so normally on JV partnerships I split 50-50.

I'd normally agree with the early commenters on waiting for a great deal but with some knowledge of the GR market I don't see things taking a nose dive anytime soon.

I would though have the parameters of your partnership written out so each of you understand what is expected from the other especially on the financial side.No tax benefits for an LLC, you are still taxed normally. 

Normally, I'll go to a neighborhood I'm unfamiliar with, or to a neighborhood where I've spotted a potential deal.

How do you normally collect your assignment fee with lease options if you're operating in different markets?