But even those who decide they don't need a mentor still need a team (loan broker, property manager, contractor, etc.).

They often have different vendors introduce themselves so you can build your team and they often have a local member do a case study on one of their properties to share the ins, outs, ups, and downs of the investment.

The barrier to entry seems high, and the price-to-rent ratio isn't very favorable.

Hi @Eric JohnsonAs you bein your real estate investing journey I would suggest that you assemble your team of pros around you (like the avengers) AKA Your Core 41.

There are a lot of good things about Wyoming LLCs, but the favorable Wyoming laws don't matter as much because the state you are in will apply the laws of the state the property is located in. 

But if you/your team like to spend some time building your own flow, feel like it's better to build it on go high level directly. 

To invest out of state successfully, focus on building a strong local team (agent, PM, contractors), automating deal analysis, and using contingencies to protect yourself.

Negotiations focused on securing the property at a favorable price, enabling us to achieve a profitable margin in a highly competitive market without requiring additional renovations.

Then use the experience to work out the kinks and build a strong boots on the ground team.

I would focus on building your team.