But deferred maintenance like roof, parking lot, and other big issues should be taken into account.You should probably connect with a tax strategist because it might benefit your business overall to paying higher rent, get higher debt on the property, and have significant writeoffs through a cost segregation study.

Are you looking for build to rent, totally rehabbed properties, or lower priced cash flowing properties.There is allot of benefits using a turnkey company, and you mentioned some of them. 

Too bad they acknowledge it in a footnote rather than in the body of the "story".At worst having your name forged on a deed or mortgage is an inconvenience, however I understand that to the uninformed and misinformed it can be frightening, a fear made worse by things like the FBI "story".Having worked on many title insurance claims over thirty years that involved forged deeds and mortgages, and having consulted on even more, it's with some experience I can state that I have never seen someone lose title to real property or be forced to pay a mortgage they didn't create or benefit from, because of a forgery and I really wish the fairy tale would die a natural death.  

If you go to some local meetups in your area, you can start building relationships to assist a seasoned investor, learn from them, and then benefit over the long-term.

This method virtually eliminates any risk of having a nightmare tenant and you still have all the benefits of long-term real estate investing.

I choose or exclude investments based on financial cost VS benefit.

Passive investors do not have control of the asset, but, depending on the deal, they receive cash flow, tax benefits, depreciation benefits, and a more "hands-off" way of investing in multifamily real estate.

I'm in California and there is a huge benefit to keeping a property that has appreciated in value due to Prop 13. 

Or can you obtain tax benefits without an LLC?

You can refinance (I would suggest looking at the IRRRL since there needs to be a net tangible benefit to the borrower for this loan to occur) out of a VA loan and restoring your entitlement.