I have two units that share a meter and have entertained the idea of splitting them at some point but thought it was too cost prohibitive. 

It does not need to be dollar for dollar but something that has this person showing up, doing good work and completing the project on time and under budget.

With your budget, Laguna Beach and Corona Del Mar meet those requirements.

The funds will give me the down payment plus some of the renovation budget for the 6 unit that has a BRRR potential.

It will address many of Axel's concerns.I would purchase a detached thrashed duplex (it is all your budget would allow for). 

My ideal person would be a rehab project manager.I'm looking for information on compensation structures My budget for the role is 38-44k+ possibly commission but unsure how to structure that part

The rest of the expenses should be absorbed into the rehab budget adding utilities needed fo the work.

I already had a new AC unit and a new roof planned into my budget, but I was able to negotiate a $10,000 reduction in price, down to $262,000          Final Numbers:      $262,000 purchase price, with $5,000 down.

Save up as much as you, develop a budget, set goals.

A good first step is to make a budget and prioritize what you would like to improve.