Most lenders will require any partner with 20% or greater ownership to be on the loan docs, but I have seen occassions where lenders pushed that requirement down to 15% or even 10%.

Interestingly today I was at an open house and someone told me the way they do it is by developing a close relationship with the owner, even renting a room in the house for themselves, and managing the STR, spitting the profits. 

I have found two classes with membership options but I am having a hard time deciding which class or if I even need a class.

Even if you create a non-CA LLC, if you are managing the business from California, you will likely be deemed to be "doing business" in California and therefore likely subject to CA taxes.

No one on this forum would even be in this category.

I've heard that the down payment percentages for investment properties can be higher compared to primary residences.Specifically, I'm looking for insights on:The typical down payment percentages required by conventional lenders for investment properties.Any differences in requirements for single-family homes versus multi-unit properties.Experiences with different lenders and any recommendations for those offering favorable terms for investment properties.Any tips for negotiating better terms or finding lenders with more flexible down payment options.For context, this will be my second property, and I have a good credit score and a stable income.

They will go down sooner or later, and if deals work at the current cost of capital, then they will look even better when rates drop.Maybe it's time to evaluate other markets?

There are a myriad of ways to go about it, even with no money.

Interest rates can still be pretty decent - in the 7s, which is right in line or even better when I'm pricing against Fannie/Freddie conventional investment. 

We do this every single day and have seen it all.