That being said,  if you're at a position in your life where spending 2 years and $50,000++ focusing on building broad business skills make sense, then maybe.

@Francisca KartonoYou have come to the right place to connect with the wide array of real estate professionals and investors.

@Jered CollinsYou have come to the right place to connect with the wide array of real estate professionals and investors.

The live in manager probably doesn't have as broad a skill set as a professional property manager and almost definitely does not have strong relationships with electricians, plumbers and other skilled contractors that will likely be needed at some point and therefore may be expensive.  

I just did one with incfile.com and it was less than $100 on top of the state filing fees, but the operating agreement that came with it is incredibly broad and vague, and I imagine would in practice be of minimal use in the case of a serious disagreement among members.

@Derek FahyYou have come to the right place to connect with the wide array of real estate professionals and investors.

@John Chapman  I know I paint a broad brush.. but if your unlucky enough to get a house that settles 6 inchs because of soil shrinking.. then you have to deal with it.I have one left and god I hope I can get it off the books in the next 60 days.last one I sold while in escrow monster hail storm had to replace roof had to postpone sale had to pay deductible   all in all cost us about 4 to 5k ... and owner got a brand new stinkin roof. 

@Steven MuresanYou have come to the right place to connect with the wide array of real estate professionals and investors.

Listening to the podcasts provided a broad range of information to me as to what's out there and what might interest me in real estate investing.

The definition of "personal use" days is fairly broad.