And this does not even involve business or real estate!

Instead of 40 houses cash flowing $200 each or $8000/month, you buy 10 houses and pay them off for a cash flow of $10,000/month with 1/4th the headache.People don't understand the amount of time, energy, and stress involved with managing a lot of doors, especially if they are lower-class properties typically needed to generate cash flow.

Are there specific factors you look for in an area to make sure it’s a good fit for this type of rental setup?

Are there going to be banks involved, creative seller financing or all cash? 

That will largely help to determine the right fit in the landlord market for someone with a portfolio. 

Unfortunately almost every franchise involves renting the occupied space when the property would have made more money than the business.

“How” they live together is more involved.

Understand the fees involved and calculate the total cost for an entire year of management so you can compare the different managers.

Much like @Rereloluwa Fatunmbi I got involved in Houston, too.

For forming an LLC in Wyoming, consider these registered agents:Northwest Registered Agent – Excellent service and pricing.IncFile – Competitive pricing and solid customer support.Wyoming Registered Agent – Specializes in Wyoming LLCs.Compare their pricing and reviews to find the best fit for you.