In addition to great tips from @Hadar Orkibi, I'd also suggest on setting up an agreement with property manager on sending you periodic reports as to what's going with your property and tenants.

I have managed 200+ units at once and can tell you that starting out you should focus on setting up your processes contracts and such, then scale to larger properties.For our clients that manage themselves we try to set them up with as much of the infrastructure as possible so that they have a head start and can just worry about the normal tenant issues.

(I love the breed, love the dogs, father used to raise them to hunt hogs, but something clicks in their brains (not all of them), and the force of their jaws locking down and pure muscle jerking back and forth is scary!)  

The most recent unreasonable request was to replace a sidewalk that had passed inspection just a few years prior - newly hired inspector has to show he can flex his muscle I guess.

Does anyone have any advice on setting up a trust to reserve capital versus conducting a 1031 exchange?

True that no special tools are required, but these tools are very low cost and allowed us to do a whole room full of flooring in a matter of hours, with no sore muscles.

I am getting ready to pull the trigger on a rental and was wondering if I could go for a couple months with out one (3) or should I have one in place from the onset...the property has a stable tenant in place, I do have lawn care and a HVAC person.

For this reason, it is wise for the member and the LLC to build evidence at the onset of the lease to support the reasonableness of the rent called for in the lease agreement.

from onset I mean.It depends on the property, and your state-specific fair housing laws...this may not even be an issue.

I am a self-motivated person and I am confident that I will be a happier person being my own boss and avoiding the dreaded 9-5.My goal is to learn as much as I can right now, work on setting up a great team in my area to work with, and get started asap.Any advice/encouragement is appreciated!!!!