My plan is to build along the same type of home, but of course with some of my design inputs.I want to get a really solid foundation before any actual building happens and I would truly appreciate any advice that anyone has to offer of some preliminary items I should know and take care of beforehand.

It is my understanding that I could form the LLC in my state and apply for a certificate to operate in the state where the rental is.  

The units are pretty much turnkey, but my analysis shows that the property will barely break even.

I will go over with my realtor for the exact comps to see if it's worth it.

The dumbest thing I’ve ever done was paying off my first two rentals and trying to pay off my primary.

Quote from @Dan Hertler: I currently manage some of my out of state rentals, but would like to create my own property management business locally in New York (Long Island). 

I am on my first BRRRR and the issue is lenders keep only wanting to lend on 80% of the purchase price and not the actual appraised value, which would keep my money tied up on the rehab portion as well as 20% of the purchase price.

You are buying into a business to pass down to future generations, not to mention a vacation home or retirement plan.When I talk about my investments I don’t talk about a 4 unit ugly building in (insert boring/cheap state in the US).I talk about Europe!

I personally would put my properties in a LLC. 

Honestly, that is probably my #1 favorite feature.