Establishing a CA LLC has some significant start up costs especially if an attorney gets involved.

You will want to dig much deeper than internet forums or even the sales reps at most self-directed firms to ensure you have a strategy that will produce results without unnecessary regulatory risk or too much administrative overhead.  

This is a great place and I have been learning a lot in the few months I have been involved.

As far as your concerns go with the lien -- there's risk at any point when investing in real estate. you'll hear about them not paying the bill from the city long before they would put the lien on the property.

(I understand that the split is whatever we agree on -- I'm looking for what is typical).2) Same situation as above except that there is a mortgage involved.  

You'll also want to verify that it is 100% FDIC insured or you'll still be at risk with even the most aggressive bonding. 

Use rental income to grow savings and continue to invest in real estate without getting personal property involved. 

There are quite a few ways to get involved.

If I am unable to land a well paying job right out of school are there ways to get approved for a loan that do not involve a current income? 

The title co. is well aware of the standard and shouldn't risk showing any favoritism.