It is in a good area that is growing and I expect values to continue to rise.

It is a bet on appreciation where there is no guarantee that past performance will continue into the future.

Since you seem to have significant assets already, you will want good legal advice on how to structure your rental/investment business so an irate tenant doesn't try to take your existing assets.As far as continued high appreciation, I think housing prices are right about where the NASDAQ was in February 2000.

I would want to pull out money invested in the rehab to be able to continue on other projects.Would it be best to refinance the entire project?

Continuing to hold a CA rental could be a very low return proposition compared to other options (RE or otherwise). hence the logic of the investment might force you to sell in any event.

If the relationship works out, you will continue to work together indefinitely.

Well, actually, from Long Island, even worse.Back in NY, I ran a technology and telecommunications company for almost 7 years and before that, was CIO for a major financial services company in New Hyde Park, LI.Along with other family, we own several rental homes and continue to hold them.

I have always had interest in the finance side of real estate and hard money lending brings together a lot of what I want to learn more about and a lot what excites me about real estate and it's continuous, dynamic state.

Continually marketing yourself whenever you have a chance.

Granted you would likely lose ownership of the LLC so you would lose all the assets.If the LLC was sued and many of your assets were not owned by the LLC then you might continue to retain the assets outside the LLC.The idea is the LLC is not you and you are not the LLC.