I do understand I may have to set up a corporate structure for tax/legal purposes.

I’m thinking maybe corporate housing?

Are you looking to put this property in your own name, or are you putting it into a corporation? 

Why would you think of two corporations is even more puzzling.

According to AB 1482, landlords are required to use the CPI from the previous April for their specific market area to calculate the allowable rent increase.Properties that are exempt from rent controlIn general, California rent increase law is aimed at multi-family apartment complexes and provides a number of exemptions, including the following:SFRs (single family residences)CondominiumsOwner-occupied duplexesMobile homesSchool, college, and university -dormitoriesHotelsRental properties built within 15 years prior to the Act, including ADUs (accessory dwelling units)Properties that are not owned by a corporation, REIT (real estate investment trust) or LLC where one member is a corporationProperty provided by non-profit organizationsProperty that is subject to pre-existing local ordinancesLandlords for exempt properties must provide a notice of exemption from AB 1482 to their tenants.

In fact, a Rand Corporation study of active duty Air Force members found that the average tour length (length of time in one location) is 53 months for enlisted Airmen and 34 months for officers.  

A lot of my classmates will go into the corporate world after graduation, but I'm not sure that environment is necessarily for me.

Many of the big brand name brokerages are locally owned franchises, so on one hand, there is a more "corporate" element to those offices, and on the other hand, the owners might still be local, with local market expertise, operating as a locally owned business affiliated with a national or international brand.

A lot of landlords are advised to put their properties in the name of an LLC for asset protection.While this is basically true, the reality isn’t what most landlords think.If a legal issue occurs with your property resulting in a lawsuit, there’s a decent chance the plaintiff’s attorney will be successful in “piercing the corporate veil” of your LLC and being able to sue you directly.

@Ryan Schnitzler Welcome to BiggerPockets and congrats on getting ahead of the game in terms of learning about finance (both corporate and personal finance from the looks of things).