If i create a local folio, where does that folio go? Is it a name.folio file that i can go to and drag onto the ipad?
Just use the preview on device feature to get it on the iPad.
As Bob mentioned above, that is the correct process to sideload to your device.
However, the folio is located (mac) at \Users\(username)\Library\Preferences\StageManager.(randomvalue)\Loca l Store\dmp\(folio name)_(timestamp)\