Questions I'd have if I were in your shoes would be based around how the CAM expenses, management, taxes etc are going to work. 

An additional benefit of a detailed engineering-based Cost Segregation Study is that it can increase potential insurance premium savings as well as provides support for the property tax appeals process.Additionally, it can help maximize renovations and improvements.A Cost Segregation study is an IRS approved federal income tax tool that increases near term cash flow by utilizing shorter recovery periods for depreciation to accelerate return on investment.

I have been reading books and listening to many of the BP podcasts.

- From Rookie podcast, I heard it's good to have an umbrella policy.

During the next 2 years, you can continue listening to the Bigger Pockets podcast and Real Estate Rookie podcast.

Projected returns based on entry cap may be high but actually making those returns is very tough.

The profit should be split based upon whatever agreement the two of you come up with.It would be unfair for you to put in the majority of sweat equity as well as the training involved to have a 50% profit split.

Based on the above projections I receive, I then "run the numbers" to see where I project to end up each month. 

payment based on performance?

You'll likely want to start with reviewing the requirements under Prop 19 for retention of the base assessed value when adding a child to title, and also look up the rules for a basis step-up at death.