You may also want to take into considerations working with a Property Management company as they will take care of everything for you.

All I can say is it's not simple and may take you considerably more time then you think.

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Oftentimes, the project sponsor will accept either a wire transfer or check.Be considerate of the project’s closing timeline and fund your contribution punctually.

My hunch this is more marketing ploys to entice rookie investors than it is realistic to actually increase rents considerably in a short amount of time.

You need to take into consideration CA state taxation that does not always follow the Federal rules.

Usually, DCR is considerably more important when analyzing a building.

What do you think I should do, and what are some of the considerations if I renew or don't renew the lease with them? 

If you and your partners have agreed on the above, and other key considerations, it should not be that much work for an attorney to prepare your operating agreement.Again, I'm biased and I'm sure there are plenty of successful partnerships that were fine without an Operating Agreement vetted by an attorney. 

Certainly a lot of considerations but they don't make them like that anymore.