Too many in your shoes over complicate real estate and spend unnecessary time and expense on tax planning & asset protection and in doing so, take away from the real estate.

To put it nicely, I would proceed with extreme extreme caution, if I were in your shoes. 

Sure, there are limited exceptions but the investors in your shoes are not equipped to identify those limited exceptions.

Second, I think you are still looking at this experience through rose-colored glasses.

Quote from @Rose Jones: I would consider using a realtor if the property is 20,000 or more and yours meets that benchmark.I have done much bigger deals without a realtor (19k-3m) in various roles. 

One consideration is your expenses are higher and you do have the cost to furnish, so it's not all sunshine and roses, but if you buy it right you can do really well.

Most believe that a Bargain is a discount on the price of something at the time it was purchased.For instance, if a pair of shoes is selling for $50 when another store is selling it for $100.. yes!

Which to me sounds like leaving the house and forgetting to put your shoes on . . . . 

Be careful not to pin the flooring down with the baseboard or shoe moulding.

I've worked with around 30 investors in your shoes before, ready to move passive.