If the first property is not a partnership and is just you, you can setup an LLC that is a disregarded entity such that it operates as an individual with just a SS# for tax identification purposes and then the LLC provides the asset protection and your new partner could do the same and the two disregarded LLC's could be the TIC owners and you have some level of asset protection. 

We offer affordable places for rent to lower income families.

There are other lower cost shelters. 

Kay, dependent on the income level the units are in can make a difference of percentage and also the number of units. 

Those individuals will prefer a lower density say 2-3 unit building with a backyard and garage.

- Level of prescreening performed on buyer before they can view the property- Who is best fit to handle the coordination of the showing, contracts, and closing? 

Perhaps try an Asset-based Lender, who may lend up to say 85% of THEIR appraisal, but, I don't know if they'll still lend that same number of dollars IF your purchase price is significantly lower? 

However, I would argue that a healthy level of debt gives you flexibility to grow faster and build more wealth over your lifetime.Leverage is a strategy of using borrowed money to generate large investment returns.

All advices from outside CA is irrelevant, you are in CA, and I would say you can go lower ONLY with an unlicensed contractor.

My level of knowledge with real estate investing is limited to the two home purchases and one sale.