My partner and I have a third person that is interested in joining us in a vacation rental property. It will be broken up like so: Myself and Partner 50%, 50% for other partner.  It will be our first deal with a thir...

So it will be a quasi partnership but basically it would be more like having an investment time share that they earn 6% on and they get to enjoy the property for a week each year including 2 year years after they get paid back.

Cash, personal mortgage, hard money, private money, partnership?

We decided that we would rather play a due diligence partnership role, where we  deeply research certain sponsors and then invest with them.

Once you are settled in and find that first deal, I would pull the trigger on that career starter loan.

CA will consider it "doing business in CA" and, consequently, subject to $800/yr simply because YOU have the misfortune of being a CA resident.Tian, show this to your CPA if he believes that your OH LLC can escape the CA extortion: https://www.ftb.ca.gov/forms/2019/2019-568-booklet.html"Partnerships and LLCs are considered doing business in California if they have a general partner or member doing business on their behalf in California."

@Miranda MicireThanks for the offer, right now we are looking to be a bit more hands on with the brrrr strategy, but if some great deals come your way, feel free to share them with us and we can talk about an equity partnership.

And personally I cannot pull the trigger on a turnkey operator.

We didn't pull the trigger on them because each house we went after had 20+ offers, 60%+ were cash offers and averaged 30-50k above asking price. 

Simple partnerships, private loans instead of partnerships, etc