Challenges?

The challenge is that your GC --- in this context --- would probably be doing most of the work while subbing out the speciality trades (e.g. eletric, HVAC, etc.).

I want to be mindful of the tax implications we'd both face and would love any advice or referrals to someone who could guide me through the best way to do this.

@Robert Burris  Can you just walk into that credit union and have a face to face?

The initial challenge is finding units that have the right rents to make it considerable.The closer to Universal or Ventura Blvd, which is the Valley’s version of the Sunset strip, the higher the rents.

I've been reading up on it - fully aware how challenging it can be to get financing, finding inventory and all the management involved but also intrigued by the cashflow if the deal is good. 

If you are seeking conventional lending, you are self-employed and you have W-2 income in any fiscal year, and if you stop working for any agency or company where you earned W-2 income, you will have a more challenging time getting loans.

One company owns everything and does nothing (this is your SLLC a/k/a “asset holding company”) and a completely separate company handles all of your operations (this is a traditional LLC a/k/a “operating company”) For the operating company which serves as your face to the world and through which you do all your business, you establish a Traditional LLC to carry out the operations of your investments.

@Greg Grant Numbers look good, but sounds like you could be in for some major challenges in the tenant and property management department, EVEN if you hire a PM. 

I see the challenge is if you wholesale it and seller wants money upfront and the buyer is going to cash out the seller.