For example, I have found some very affordably priced properties in NY (state), but after looking at the laws in that state, they have very linient tennant laws that can take several months plus an attorney to evict, therefore not only losing rent but costing to evict. 

Have you looked into cost segregation studies, bonus depreciation, 179D, historical tax credits, etc.?

Costs less to let it sit than paying a contractor 2-5k/week, I'm going to DIY some, and the location is awesome so no need to worry about break-ins/vandalism. 

Since you're a realtor it won't cost you much to list it, and people will pay a lot of money to get a low rate with a higher amount going to the principal than initially.

My first home cost me 10,000 out of pocket and now I have 600k in equity.

My story is similar, I started with a rental, it was a lot of hassle to open LLC as the mortgage at the beginning won't allow it, but it is always convenient to separate the accounts for book keeping.You will see this as soon as you have to do your own taxes first time, it will be a nightmare to collect everything is you incur into maintenance cost or any other expenses even if small.

You should make sure that you can afford the cost of the protection that you choose.

With two rents coming in from a property that costs not much more than a single family would be, it really helps the numbers. 

In terms of reading materials I would recommend checking out Buy, Rehab, Rent, Refinance, Repeat by David Greene and The Book on Estimating Rehab Costs by J Scott.

It is important to take into account factors such as timing and costs when determining the best structure for your needs.