Big con is too many cooks in the kitchen and decisions can be hard to reach.

If you make smart and careful decisions, you should end up doing alright in the long run.As for your deal, have you tried running it through the BP rental calculator?

To be clear, a recession could occur, home prices could fall, cap rates could increase (and multi-family prices fall), banks could tighten lending standards, etc, but right now, market participants are making rational decisions based on the information they have and cash flow can service debt without relying on rent appreciation. 

However, as a California owner, you should consider the tax consequences of your decision.

Basics of the partnership:- All the properties will be in my name (I have the high credit & W2 income)- I will be investing $25-50k per year of my own funds into the business to buy more property- My father is in an all cash business so the idea is he will be getting his money in via renovations and ongoing maintenance/CapEx - I will be responsible for all the "white collar" tasks and hold ultimate decision making ability as everything is in my name- He will be responsible for "blue collar" tasks; finding properties, coordinating with contractors, etc..Our goal is to build cashflow for a 10 year period before we would every need to start "taking" the cash flow out of the business.

If you have cash, and the ability to look at a property and make a buy decision in 5 minutes, then any realtor will bend over backwards to help you.All the above if you ever get into real estate investing.

I actually moved up this way many ‘moons’ ago from just outside NYC and I haven’t regretted the decision other than the damn 6 months of winter, Lol.

This approach focuses mostly on quick, decisive, off-market knowledge and delivers quick cash returns in a relatively short period of time. 

First let me point out that anyone with money isn't going to make a decision based on a website.

Just wantt to make sure I am not missing something on such an expensive decision.