North of Austin, the county regulations say you don't have to do it IF you're only doing residential, certain lot sizes and limiting the impervious cover of each lot.

More work with more risk but can get you going if limited funds until growing into bigger deals.I am still on this site but stay very busy so not on here as much. 

In my limited exposure to using PMs in Memphis (I self-manage), most had a scale of upcharge depending on the cost of the service. 

You could explore other options, but with limited income on paper, this might be your best path for now.

I assume I need Landlord Insurance or some kind of Liability Insurance for the LLC itself? 

Keep in mind the following: 1) If you don't have enough cash for the entire purchase in the TSP rollover to IRA, your financing options would be limited to a non-recourse loan.

I don’t want to limit myself to any investment endeavor if it’s a good fit, but also don’t want to put the time and effort into becoming a real estate agent if there isn't a decent list of pros to doing so while investing.

Even though there is a tenant there now, the association could restrict or limit renters there.

There is too man unknown variables with land entitlements that we do not want that liability for.

Balance Sheet can show how much was a building was purchases for, how much principal loan is still outstanding, how much is in escrow and how much is in tenant security liability, Construction typically in the long-term development are put in the balance sheet and not P&L.Most investors are doing multiple type of real estate, not just rental.