This was a great purchase due to perfect room setup allowing each tenant to have their own bathroom and the massive unfinished basement that I'm currently in the process of finishing to rent out as an ADU.

Doing a 1031 exchange allows you to indefinitely defer paying the taxes.  

It allowed me to learn what owning property was like, while getting some positive cashflow. 

It may be worth asking why they say you need 15% if the guidelines allow as low as 5%?

Tonight, it seems to me that obtaining a real estate license in California is the best investment at the moment.Unfortunately, California has no reciprocity rule, meaning my license would be useless if I moved elsewhere–which is quite disappointing.Still, I think it would allow me to start working in real estate as an agent within a few months.What do you think?

But, for the size of BP forum individuals you will be under Personal Guarantee any ways.  

But moving in allowed us to build the vision for the hotel while we were onsite, interact with our first guests to make sure everything was good, and the more.

In terms of taking on more liability, it boils down to what insurance will be less expensive and looking at what we are having to pay through the HOA (for insuring the aggregate of all units), it will likely be cheaper for owners to purchase individual HO3 policies to cover their units (as townhouses) as the carriers would not be taking on the risk of the entire $100M+ in aggregate replacement value, and the owners can take out policies for individual units with a whole range of carriers vs the HOA trying to get coverage through the secondary market.  

For this particular property, the zoning does have mobile homes as an Permitted Allowable Use.

Property management takes typically 8-10% of the rent off the top, but it allows you to purchase properties in other states that are more affordable.