They create the team and a plan, acquire, due diligence, take care of loan products (If needed), oversee construction/renovation, hire property manager (or run in house management,) take care of accounting/taxes/K1s, deal with closing or refinancing.An LP (limited partner) just puts in the funds (after hopefully vetting the GP and team) and keeps fingers crossed while earning mailbox money. 

Is it advisable to have different CPAs in each state, or should one take care of our entire national portfolio?

Perhaps it is because hey have none of their own money on the line so they may not care for it as much as someone who does. 

No one will care about your property more than you, but building a good team will get close. 

I know enough to know that I have to be careful not to discriminate against anyone. 

Memphis is a block by block city, so be careful to get your comps from very close to the subject property. 

Debt is a great tool, but you have to be very careful with it.

Really simple things that should have been easily taken care of by customer service but I could not get them to understand the problem I was encountering and it would take days to get a response.

The deal has enough skin on it that we will still make a nice profit (its a multi unit with other units so this isn't our whole budget) so thankfully just comes out be a learning experience.

He said that as long as you’re paying the mortgage every single month, the lender doesn’t really care in practice if you transfer the title to an LLC.