I got a professional quote for smoke repair and it was 4 times as much as I am requesting.

I am currently enrolled in a class in college called professional development and we have to interview 5 people in the industry we choose, and do a write up on each.

My wife and I are both  medical professionals  and we make a decent income but we would really like  to get into real estate investing within the next couple years,  primarily  buy and hold multi family properties. 

As you add more and bigger properties, you'll at some point likely transition to professional management, which will add more risk. 

Part of me thinks I may be better off passing this job off to a professional.

If you own a house near college you will feel stuck there or you will become a long distance landlord when you are a busy college student.Also once you finish college you may end up living in a completely different part of the country for graduate school, your first professional job, or some other adventure.

Especially on your first house.If you're buying commercial assets and/or seeking commercial financing (which is a higher risk, higher cost PITA), then do the LLC.Verify with legal/tax professionals of course @Kevin Dureiko

California is one of the most difficult states because of all the regulation so you don't want to take on that responsibility as an amateur.

Contact lead and asbestos professionals in your area.

Private money lenders are usually not professional lenders and they don’t usually have their own lending documents.