Try it out first test out whether or not you two are a good fit before building a massive portfolio together.Create an operating agreement for your LLC, and create a partnership agreement, defining roles and expectations.

Bonus Tip: If this quadruplex is out of state, I’d highly recommend building a reliable local team (cleaners, handymen, etc.) and maybe consider hiring a co-host or VA to help with day-to-day tasks, especially if you scale up. 

Apparently, not only did they sell at a loss, I didn't get any money back at all and they claim I owe them an additional $40,000 for "renovations" despite no work being done to the building at all. 

I recently closed on a commercial condo unit (for retail), which is one unit in a building that also has 7 apartments. 

I have helped hundreds of investors execute 1031 exchanges and build diversified portfolios across various excellent markets, all while using just one property management service.

Also unfortunately, we haven't held anything yet to build a portfolio.

What is status of capex on the building?

The liability coverage is way better, the building coverage is often better, and commercial policies typically cover loss of business income as well, which a homeowners policy isn't going to help you with.California + wildfire area + STR is super tough. 

I come from Europe too, and I know it can be overwhelming when you look at the real estate market in a new country and with completely different building technics ( sticks instead of bricks), but is not as bad when you have the right team in place. 

Finding a potential lot won’t be hard but getting a local municipality to give you the green light to build an MHP is going to be next to impossible.