But there are other complications as 1) have to pay brach tax but not 2.

Gave me practical experience finding deals (and the tools & techniques involved), working with realtors, lawyers and banks, appraisals, inspections, insurance, property taxes, utilities, closings, HUD statements, etc.Owning a home gave me more practical experience in basic to moderate home repair, dealing with contractors for more complicated issues, capital improvements, insurance claims, "neighbor relations", and many more important aspects involved with owning property.But in addition to buying and owning my own home, I'll say what was equally important to giving me confidence to get started was having a few friends who were already doing what I wanted to do. 

We are also preparing to be self employed (Realtor and PM), which will cause a new level of complications.  

As mentioned above, you should have a qualified experienced tax professional prepare Form 3115 as it is complicated.

Again, we're non-judicial here in GA, so I may be skipping steps that are necessary where you are.

I don't think that you use an LLC unless you are building a business to attract investors and that is a more complicated structure with more costs involved and I think you only do that when you have a lot of success under your belt and know how to deploy hundreds of thousands of dollars to millions of dollars with outside investors' money. 

I believe these processes also depend on the location and whether the state and place is in judicial or non-judicial territory. 

Any recommendations for banks with low fees/complicated setups (setting up a Wells business bank account was basically hell) etc?

@Benjamin Fye   This is a complicated topic and no one advice fits all scenarios. 

There's a point where too many numbers can just complicate the simple...like this does.