But just make sure that your VA can be trained to run numbers and comps so you could maximize your time and dedicate it to close more deals.

Then I could consider what you are comfortable with rehab-wise, most people only want to do cosmetic items because it's easier.

I would buy the primary traditionally, and feel comfortable covering that expense with your income, and then using the excess cash that you got as a gift, to start your investment career.

A lot of people aren't as comfortable waiving inspections.

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.

If you aren't comfortable with CA's high prices, learn more about out of state investing.

It seems like you have enough equity in that home that you could comfortably pull out enough cash for a downpayment on the next home all while keeping tons of equity in your original home and STILL being able to make a small cashflow on top of it. 

That means your going to have more collateral for the seller to feel comfortable having a separate silent deal.

Being a new partner in YOUR corporation does not make me feel comfortable. 

If you're comfortable with it, you should also be attending as many REI meetups as you can.