I love my contractors but I have to pick them up with breakfast burritos to show up and no matter if I beg them not to smoke indoors, they do.

A partnership doesn’t give you the limited liabilitydon’t forget that as residents in CA, the state will charge/tax your some $750 annually per entity you have pretty much no matter which state the entity resides.  

Not that it matters I don't think. 

If the deal falls apart earlier in the life of the investment, yes, the capital investor stands to lose much more (and yes--the financial scale of deal matters, as you indicate too).I'm assuming that the "worker" probably has a little financial contribution for skin in the game (say, 5k of a 50k down payment), is also sourcing the deal, swinging the hammer, and listing/property managing for as long as the property is held.

Rents are one way to price a property but if you plan to accept any offers with a loan Comparables are what matters.

I would recommend a 20-30 year old property over a 40+ year old property no matter the type.

That said, back to the matter at hand, the specific questions I asked are:1) Did I use the correct formula and is my math right on the offer price?

If you purchase less than your net sale the difference is considered to be taking profit and is taxable.That's why the amounts mattered.

I'd recommend calling the city to verify but no matter what way you structure it a single family is residential.

. $2 to $3, $3 to $4, $4-$5 etc, eventually it matters.