I am hoping to build relationships with current investors, allowing me from to learn the tricks of the trade and strengthen my skills as a real estate agent along the way. 

You don't have to trade out of a single family rental into another single family rental -- there are other 1031-eligible investments that might fit by providing passive monthly income. 

Take a look at some trade accounts and a line at the Big Blue and Big Orange if you are going to self manage.  

How do the parties perceive the risk-return trade-off in the deal?

We live in San Francisco, CA and we both work in the trades and have a couple of connections with trades people in Shasta. 

Currently I have a spreadsheet that is very intense tracking all expenses by trade/vendor and it also shows my budget with another column for under/over budget too...let us know how it turns out...agreed so needed!!

My questions are around taxation - i have read that if the rental is not associated with a us trade or business, then the gross income from the rental is taxed at 30%, however if associated with a us trade or business, then graduated rates apply, as well as the net is taxed and not the gross.

., trades, remodeling, permits, taxes, settlement process, etc.).  

I vividly remember the countless hours spent driving to and from remote locations in rural Manitoba, alternating between early BP podcasts and Jim Rohn recordings.Over the next two years, I adopted an extremely frugal lifestyle, enabling me to achieve a 75% savings rate, sold my custom truck for a used Toyota, traded my new home in the burbs for a duplex (house-hack) in a challenging neighbourhood of Winnipeg where attempted break-ins were commonplace.

I'm a it girl by trade and a future investor bu passion.