My target investor is a higher earner and likely accredited depending on how this would be structured. 

Depends on deal structure and risk.

Senior Living Fund now has offers all over the internet for 12%-18% returns......Does anyone have any history with them as being legitimate and worthy of investing with them?

I live and invest here and see huge potential throughout CA, depending on your priorities and level of involvement. 

If you have access access to an 'Asset Protection Attorney" (Local), this is a good question to ask him/her.And also be sure to ask your tax person about the cost for maintaining either structure (accounting, tax, quarterly filings, etc...).Everyone always wants 'The Best", but (for instance) a Rolls Royce is considered one of the best, and it COSTS a lot more then a "Used Camrey".Getting expert advice on your personal situation is always best, vs just winging it based on someones response to an internet post.That being said, a Living Trust can own an LLC, but if that setup triggers an added tax return or two, IRS State and Local ($$$) is it the best choice.Which cuts down a tree better; a chainsaw, or a beaver?

Depending on how that was discussed at the time, that could have created an easement on your property for those water lines even though it isn't documented and recorded at this time.

A dependable team is essential for real estate investing success.Remember, patience and thorough research are key.

It depends on the zip code, bed bath, sqft, etc...I am renting mine anywhere from $1,500 - $1,900/m

Minimum ratio depends on the lender but typically it is above 1.0. 

As with anything, a lot of this will depend on your goals.