What is you opinion on setting up LLC and other aspects of this business first.

I want to get involved in all aspects of real estate investing. 

Overall, it's great that you're thinking ahead and considering all aspects of the rental!

@David Bennett I am guilty of being the ‘nice and forgiving landlord’ in this circumstance and letting the behaviour repeat so I’m taking it as a learning lesson that being kind and cordial is always a good thing - cause I really do love the people aspect of owning rentals and providing people a nice safe home to live in - but don’t appreciate being take advantage of :-)

I conduct them just as I would if the client were standing next to me, pointing out good and bad aspects of the property.

If your property has any special aspects, you may find that the recommendations are not addressing it or indicating you should remove a needed coverager.If this is a 1-4 family rental dwelling (completely non-owner occupied) the likely policy is a Dwelling Fire Policy.  

I am glad you mentioned to lending aspect of not having the W2 income.

I'm not sure where that figure is coming from but if you want to get a scientific estimate, you could try to make a calculation using the following:1.

An architect or engineer can also provide valuable insight into the design and structural aspects.

Seems like most folks favor the liquidity aspect of building cash or investing it in more liquid assets for now.The reason people are saying don't pay off the mortgage is because you are on a real estate investment site where having available cash to invest, and using equity, is important.