Whether To file a 1065 partnership return or being treat it as a disregarded entity, Is the determination based on the location of the property or the owners' residence state?

No, you can manage multiple markets in one account.

Have yourself own an interest in the LLC, and have another entity you control own an interest and be the manager.  

The biggest lesson learned was managing stress.

In order to do this you need to have deal flow and you need to know 1) How to recognize a good, profitable deal, 2) How to put together funds quickly to buy the deal before someone else does and in such a way where you are protected and the deal is protected, 3) How to run the project so that you follow the budget and don't overspend or overbuild, 4) How to attract an end buyer or a renter and which documents to use to protect yourself and the buyer, 5) If you are going to keep the property then you need to know how to set up the property from the start to best help you in the refinance later, and 6) You need to know how you are planning on managing the property from the beginning in order to make sure it will be profitable at the end.

And. if you have a property management question along the way, feel free to reach out to me. 

Number looks good enough to me but I just worry about the location tbh.  

Location 2.

I am hoping to learn about managing my own property and how to get tenants. 

There's a lot of discussion about managing a STR from a distance.