I’m in SF, she’s in the Dallas area where we are focusing for our first deal, and we have a RE agent and a few local lenders we are working with.1) Do you recommend establishing an LLC, or is this over complicating things for a first deal?

The added benefit of this process is that you can also have your attorney sign the public records as "Nominee Trustee" before assigning yourself as the "Trustee" once the Trust has been established.

As long as the partnership agreement is structured correctly and that you all can establish cash flow criteria for prospective investment projects. 

After reading a few books (long distance real estate investing, and Buy rehab rent refinance repeat @David Greene) and deciding what strategies we wanted to focus in on and try we found a property after establishing a team from long distance.

The zip code is in an established neighborhood. 

My strategy is developed entirely around a specific, quantifiable goal with an established deadline.

@Antonio Martinez When it comes to asset protection in CA, more often than not I will establish a DST (Delaware Statutory Trust) for my clients.

I have been working diligently to establish my “4 core” team before my trip next month and plan to meet with a couple of Property Management Companies.

In this case, irregardless with or without a cash out refi (along with my wife and I having established W2's), we would have good momentum to find our next house hack where we do move. 

Given this understanding, you would be eligible to establish a self-directed Solo 401k which allows for investing in real estate.2.