We're looking to gather info about likely cost, pitfalls, time required, considerations when obtaining financing, etc. 

I do not think anyone in Cleveland will do a good job. 

Time. 

You'll most likely have to do it multiple times.

Hopefully someone with tax accounting knowledge can jump in here with more detailed analysis, but I looked at this a bit several years ago...1) You still have to pay the depreciation recapture on the sale decreasing the net benefit of this approach due to the large tax payment in the 'sale' year2) The LLC would need to not be a passthrough entity so that it can be taxed separately from you, so you have to add another tax return cost for the years going ahead3) Taxing it separately from you likely means corporate status and corp. taxation rates which are higher than yours and I've heard many times over the years to avoid titling real property as a corp...Overall from what I've seen this only makes sense in a select few scenarios, which for most people aren't in play. 

Plus managing tenants is a bit more time consuming with this model. 

Rinse and repeat as many times as life allows, or convert to buying pure investments.Consider employment with a property management company.

The few times I called the office, they were always happy to spend time talking. 

If the only MFH options you're finding are in areas you're not comfortable with, it might be worth focusing on a duplex in a better neighborhood.Saving up for a larger property later is a valid approach too, but keep in mind that real estate tends to appreciate over time, and waiting might make it harder to enter the market later.

I have said it before and I will say it again, my wife’s friend said it best when she said “The last time I trusted someone, I had twins.”