And you may not know the answers to all of them right now and that is completely fine.

You'd want either an LLC in the state where the real estate is located or you can also just put it in your name and take out a good landlord's policy from Farmers, Erie, etc. which will protect your investment just fine. 

So it is fine for us to just list the property under my husbands name on the Schedule E even though we both own it, and I manage it?

I would list the property and advise the tenants you are planning to sell. if they want to stay month to month, that's fine.

They have told me that assuming credit, debt, etc check out fine that I will have enough equity in the land to make the downpayment for the cabin that I want. 

Dollar Tree trash cans are absolutely fine!

All the other houses on the street seem to be fine.   

I had one investment in a syndication that would have been a total loss however the sponsor made good and repaid principal . so 3 year no return.. which is just fine by me personally I am not one who goes crazy if the return is lower or does not happen to me its principal i care about.. 

Do your research and you'll be fine.

You'll be planting oak trees to grow over time, not bamboo, and that is absolutely fine. :)