So if Biz #1 has 20% of the properties, Biz #1 pays 20% of the expenses.That being said, I'd be open to simplicity just because ultimately it's only a difference of a few thousand and we both don't care much.

I mean if no payments have been made in 12 months or the guy is in BK is open to help or has he already walked away?

It is more efficient to have a few open at the same time if they have the same applicant pool, but even if you try to get them the same, they are going to start to naturally stagger as people leave before the lease is up. 

I'm also open to providing insight to others in the regulatory/land entitlement process.

Once I determine which market(s) i'm going to focus on, at least to start, I'll open a new thread in that city's forum to get some recs. 

I am torn between something safe (traditional/high interest savings acct.) vs. opening up a Vanguard Index and withdrawing the necessary amount when needed.

We're not currently pre-approved with any lenders in the area so I'm open to any recommendations.

But i'm open to any place in So Cal.

I'm open to all your advice and suggestions!

Always open to discussing or if you have a opportunity this newbie would be appreciative.