During the 2years we’re spending $ on attorney fees, and I’ve got that “queasy” feeling, especially since it’s questionable whether or not the properties are worth the amount we are owed. 

A well written management contract should clearly spell out what is expected of both the PMC and the owner, to PROTECT both and avoid misunderstandings.

So when you need to go check on things, rent units, meet contractors, etc, you're jumping in the car for 6 hours, spending 1hr there, and I'm thinking after a full days's work. 

It's not your fault that the tenant has to vacate, so the tenant should have insurance to protect them against any additional expenses.

Spend some time considering how the repairs will get you a return on investment.

With some humility, I’d like to say it’s keeping the finances separated/organized and liability protections, or everyone’s favorite question… do I need an LLC?

However, I’ve witnessed cases where the investor went “all in”, spending and losing many millions.  

You’re going to spend hundreds replacing the fridge and then spend hundreds per year on bottled/filtered water instead of paying a plumber a couple hundred once?

Of course, managing your own properties is a good thing (instead of having to spend the money on a manager), but you have to manage your property in a professional manner.

The networking and local market insights are invaluable.For retirement planning, focus on building steady cash flow and consider setting aside a healthy maintenance fund (I usually recommend 6 months of expenses) to protect against any surprises.If you're looking to expand your portfolio, Columbus is a great market where we still see positive cash flowing deals with lots of appreciation potential.