If you find a solid, boots on the ground realtor/PM who has experience in the flip business you should be fine. 

PMs are busy - if you email a PM and say "Hey PM, I'm looking at 123 Main St. and I think it will rent for $1500 a month, does that sounds right?"

If you're an investor Broker / Property Manger in this business you get 100's and 100's of investors reaching out to you wanting to spend the day with you while they are in town.

Usually OH and IN are the two main states they I have seen booming business in for 204 unit REI's.

This is the cost of doing business.

If you have an LLC, the accounts should be business accounts in the name of the LLC.

I am not sure what type of real estate investing you're considering, but it sounds like, with your family and busy job, you won't have a lot of time to be hands-on or personally involved. 

It's just the cost of doing business.  

(Not as part of my consulting business, just as an opportunity for me to learn and perhaps build a relationship?)

A personal liability policy "MAY" extend to one or two rentals but if you are planning on building a portfolio consider the commercial umbrella.Another thing to consider is that the courts frown on carry high personal liability but low business liability when trying to hide behind the vail.