Ideally I am looking for some exposure to different business strategies, market analysis.

That seems excessive to me. 

It takes time and effort to get them aligned with the new rules (simple things e.g. pay on time, no excessive wear & tear, no hoarding, no large loud birds, no smoking indoors, don’t smoke on the wood deck and drop your cigarette and catch the wood deck on Fire, etc..).The lesson would be to aggressively pursue replacing the problem inherited tenant as soon as you’re pretty sure they are a problem.

California charges a minimum tax of $800 a year per LLC, and more if you have gross receipts in excess of $250k.

@Tab Teehee all excess funds need to be paid to the owner at the end of every month.

A syndication will allow you exposure to real estate investing, but avoids the burden of having to evict and cover expenses should a vacancy happen.   

The other option is listing the property ourselves with not that much exposure other than your typical sites as Truila, Zillow etc ourselves and making sure we still have the security deposit sitting in an account and not be touch. 

This alleviates any stress of figuring out how to distribute excess cash flow in the first few months if there are any to distribute.

If its for taxes and for personal exposure protection.

The wife's credit score is barely decent (mid 600) due to excessive student loans and allowing 3 accounts to go to collections.