This is the simple playbook that tons of Americans have used to build wealth over the last 2 decades:1.

Creating an LLC is simple and can be done by anyone.Creating an operating agreement / LLC agreement should be done by an attorney.

Especially given the fact that she's a full-time real estate agent, you shouldn't have any issues.I personally like using my calendar (i.e. having clear appointment related to real estate) combined with a simple Excel / Google Spreadsheet as the tracker.

The first 5 are simple to manage. 

@Gian Harris every state has their own requirements.MOST do NOT allow a simple transfer or recognition from another state.You should be contacting each state's real estate board.

Also what type of lifestyle are you trying to maintain-a simple one or one where you go on exotic vacations every month?

@Sam BhattacharyaThis is very simple.  

Hey Cameron,Sorry for the delay,  in math terms 6% is 1.5 times 4%.However, for tax purposes it is not that simple, for your primary residence you get a lot of tax breaks such as not paying for schools, and an exemption of the first x $'s etc.  

So simple, so hard to just… sacrifice to accumulate the cash, and sacrifice the ego to not chase the huge portfolios and massive leverage that can leave you at the mercy of the near-term market.

Whether you want to buy a 2-4 unit place where you live in 1 unit and rent out the rest or do something like a live in flip (where you fix up a house over the course of 2-3 years, move out and sell it to capture a tax free profit), it will mitigate your risk because it is where you live.