The fire had not had any water dumped on it, the child thought it was a sand pit and it ended badly.

I always worry about oversaturation and ROI (presumably housing prices are very expensive in these popular beach/coastal areas).

It will be a Partnership LLC so i understand from a Federal tax perspective(IRS) i just need to file a Informational 1065 but eventually create K-1's and distribute it to partners to show on their taxes.

Best to dot the "i"s and cross the "t"s before you start.

He was a doctor/real estate investor/developer back in the 60's and 70's.

My first 2 properties looked good but ending up being losers but we were in our early 20's and had lots of energy.

I have been part of a few flips, and working on a personal Airbnb in the coastal town I live in as well. 

Hi Mia Trasolini San Diego is similar to L.A and other coastal CA areas these days pretty much an appreciation speculation play.Many investors are looking out of state but there are parts of CA that cash flow .ive heard of people cash flowing in Inland Empire areas and also I know it's possible in Central California .

This sounds like he has ample enough to be able to contribute to a coastal home. 

There was a slight dip in the 90's and values flattened for a minute in the 2009-2010 GFC but did not go down even then and the trend over time has been way up.