You may wish to consider an S-corp for a business that generates short term gains/ordinary income.  

Ultimately, my goal is to build up a portfolio of buy and holds to generate enough cash flow to live on but as long as I’m working, I don’t need any cash flow right now.

The reason you have such crazy tenant laws is because the high demand...I'd much rather be dealing w this crazy government interference that generates WAY more media coverage than real impact to either side of tenant or landlord.....Than C class tenant...Trust me when I say I have got the best tenant experience in San Francisco, for 10 years....

What is the cheapest way to complete a 1065 and generate K1s and Schedule  Es?

If he is fixated on the Rear View Mirror (historic data like past rents and expenses, historic property valves, etc.) then he will surely crash his vehicle.If he is fixated on the side windows (current data like current cashflow, which is rents and expenses), then he will surely crash his car.HOWEVER, if he is looking out the windshield (future cashflows generated from new project developments, zoning changes, migration of people, etc.) 90% of the time, the CEO will know that there may be an obstacle in the way or that the bridge is out and the bright warning signs are in front of him to stop before he falls off a cliff.The problem is that you may have too much momentum and you cannot quickly stop your Investment vehicle, especially Real Estate Investments.

I am in a similar situation where I want to continue to purchase more rentals but am currently looking for a flip to generate more capital towards opening up more buy and hold opportunities.The partnership will be best suited if they both have the same objectives. 

Welcome Tyler Stanley To echo Kevin Hunter 's point, setting up keyword alerts is a great way to filter through the volume of content this site generates.

This obviously reduces the cash flow from the property itself since it is the equity that generated the cash flow and not the property.

By "my own," I mean I am my own Client.Is operating as an REA in the Bay Area an effective way to generate starting capital with which to invest?

Over time I want to build a diversified portfolio of assets to generate a steady flow of part-time passive income and maybe even achieve financial independence!