Given your situation, setting up an LLC is a solid choice for liability protection and managing your real estate activities.

- The conotation of your  original post did make it seem like you weren't really interested in actively managing and coming to town, so I would weigh that in.

Then I would visit the property and see if there is any mining activity. 

So far, I'm finding just as much positive as negative so I'd love chatting from a boots on the ground investor actually doing this who is not actively trying to sell something.  

Many people have great success being an active investor. 

Entity structure wise, I'm getting conflicting opinions from lawyers/tax advisors on which scenario gives me the best separation between properties and asset protection from rental activities:1.

I also just re-activated my real estate license.

("No person shall engage either directly or indirectly in the business of a real estate broker, broker-salesperson, or salesperson, temporarily or otherwise, and no person shall advertise or represent himself as being authorized to act as a real estate broker, broker-salesperson, or salesperson, or to engage in any of the activities described in R.S. 45:15-3, without being licensed so to do as hereinafter provided.)

I was active-duty 20+ years ago.

Most wholesalers I know are active realtors already.