That said, if you can afford it and have the reserves, and more importantly think you have a decent chance of increasing revenue with the vacant units then I'd probably go for it.

However, it's important to know your value!

@Greg ReeseMost small investors will benefit by having the LLC created in the state where the property is located at.Creating an LLC in a state like Nevada, Delaware, Wyoming may be better for the big players if items such as charging orders, business friendly case law, anonymity are important to you.However, be mindful that setting up LLC's in those states will add to your costs as you may have increased annual fees for annual LLC fees + registered agent fees.

You left out the most important number. 

It's important to know your numbers and metrics and that helps do that

Trustin your PM partner is important and they will follow your lead, so don't expect them to provide you with your business plan. 

If you have considerable equity in the property or multiple properties it's even more important.

If you want to grow aggressively then having the extra cash available to you today is more important.

SOLD comps vs ACTIVE is very important.

I think the important takeaway is that you need to know what's going on in your local market.