I've already had to turn multiple people away after running their credit reports, so I can already see that it's not going to be financially feasible for me to be covering the fees myself.

If these are even an average sized breed they can eat through a lot of food in a day/week/month.So the first thing is to get yourself financially stable.

Registration and Financial Considerations for the Second Company:Is it possible to register the second LLC on the property (as part of the 50%-50% model) if it does not yet have an EIN (Employer Identification Number)?

I’m ready to start investing in my personal life to achieve that financial freedom! 

On the other hand, investing in some repairs (if financially feasible) might significantly increase the property's market value.Remember, each property is unique, and what works for one might not work for another.

I would be amazed, shocked even, if a traditional financial institution was willing to lend on a non-habitable asset up to 80%. 

Are your investments registered with either the SEC or with the California Department of Financial Protection & Innovation?

The house is underperforming financially.

A good real estate accountant can save you thousands of dollars by leveraging entity selection and formation, tax deductions, cost segregations, bonus depreciation and tax planning.I recommend finding an accountant who specializes in real estate taxation, business taxation, financial planning and tax planning.You may want to consider working with your accountant remotely to expand your options.I would also recommend looking for a accountant willing to work with you throughout the year.

Over the past eight years, I have collaborated with hundreds of out-of-state investors, helping them find cash-flowing properties aligned with their financial goals.