We are ready to get our feet back on the ground, running, but don't have our whole lives ahead of us like many of you.  

You can go ahead and do this type of a transaction if you want.

I don't work out of CA and do not know the laws there (and hence what info may be available), but have you checked for a drivers license, vehicle titles, or done a debtor search through CA's UCC Connect?

Fast forward to the end of 2015 my first partner and I with the 2 doubles, go ahead and by 6 additional units but no immediate equity.  

This can be typical of lower income neighborhoods, because if you take a look at the Top 10 Most Stolen Cars many of them are 90's imports like Honda, Toyota, and Nissan. 20 year old imports are cheap, and generally more reliable than domestic vehicles, which is why lower income areas tends to have more of them. 

You should be able to get a really good interest rate from a bank/credit union/dealership for a vehicle.  

This is not my scenario but it will be someday so I would like to plan ahead. 

You can PLAN ahead and execute this plan extremely successfully.For you, here's the blood, sweat & tears decision:It doesn't sound like you are in a position to buy your next personal residence?

For someone holding a property for more than a year, an LLC taxed as a partnership or sole proprietorship is the best vehicle for holding title to real estate. 

I agree with @Joe Villeneuve on if you play this right you will never need anymore funds for another deal because you can level up on each deal (come out ahead).