There is an ongoing argument about this subject.Even though hard money financing is fast( 3 to 5 days),it is still financing.If your seller is represented by an agent they will know you're lying about having all cash when you delay wiring the money into escrow for 5 days or more.Real cash buyers deposit the money within 48 hours normally after opening of escrow unless there are other contingencies to deal with first.Be straight with them when you are negotiating in my policy.If it's gonna take you 7 days or more to get to the closing table,tell them that immediately so they know what they're getting into.

I was planning on going to the Knob Creek Range Event this weekend and I figured I might as well look at some parks while I'm down there.  

Cash flow will be good, but ongoing maintenance and repairs will cost money, too. 

Just learn from them and keep on going.  

You just have to learn from them and keep on going.  

Neither of us have the time or resources to do ongoing maintenance and management, and we don't want to be forced to live in this area indefinitely.Jointly, our income after expenses and overhead is somewhere around 10K monthly provided everyone is paying rent, though mom probably has a bunch of debt I'm not accounting for.

The fact that your entity's holding is out of state does not matter as you are a full time (assuming that) resident of California and they will require it.With this in mind, it is just easier to form the entity in California as the ongoing fees are relatively the same. 

In my initial financial models, I was using 10% of gross rents as an estimate of ongoing maintenance/capex.  

I am looking for investor friendly banks/unions in the Philadelphia area that I can develop an ongoing relationship with.

While your plan seems good in theory, I reckon that ongoing 90% leverage each time, in a market that is arguably already too-heated, is asking for trouble - somewhere down the line.Please ask yourself: are you placing too much reliance on never-ending appreciation?