Cons - Risks as stated by others, can limit which renters are looking at your house. 

Focus on getting your finances in order, setting achievable goals, and finding a mentor or local real estate groups to guide you.

I'm not underestimating the work and unique set of challenges that come with it by any means.

Also, I have heard about the benefits of having an LLC set up to manage rental properties but not sure if this is advisable at my stage (e.g., not a lot of properties to manage).

Here's why:The Multi-State Chess Game:• Client had properties in 3 states• Each state has different deadlines to assess taxes• Federal changes trigger automatic state assessments• Timing the response saved $45K in state taxes🏠 Real Estate Investor Pro Tip:States can't assess back taxes if their statute of limitations expires before federal changes finalize.

(Government will set cybersecurity standards, but then are rarely enforced). 

I met with Wicked Smart today and was told they help you set up a lead sourcing system, help you structure creative financing - which is essentially lease option/purchase, subject to and owner financing....all strategies I am interested in learning more about.

Excluding the periods of “tulip bulb” irrational exuberance, a property must produce enough of a risk adjusted return to satisfy both the ROI demands of the “limited partners”, and the income/time requirements of the sponsor.  

I do not know what their price tag is, buy Kohler (Mark Kohler) and his company set up trusts and they are VERY AFFORDABLE and do great work.

The agent was getting pushed pretty hard by his brokerage to get this signed before putting in an offer, so I caved, but limited the date.