In my mind this is the worst case scenario. 

Likely more than a large rehab, but with a BRRRR I can (and always have) achieve infinite return.A big issue adding a small amount of small units is expensive development   In general, adding an ADU (even via garage conversion) in SFH zoned areas is one of the worst RE investments.  

it's just repurposing your housing payment. yes buy primary and househack where one lives is much better choice.not having primary and buying rental OOS is one of the worst decision can be made.

Eventually I would like to set up some sort of "in-house" property management to cut back on these fees.If you are able to self-manage those rentals, though, then the fee is a non-issue!

In the worst case, I've seen contracts where LPs are made to personally guarantee the loan.

Although it’s my first property, I do have other personal assets that I’d feel better if they were protected in a worst case scenario.

What sort of investments are you planning... fix and flip, buy and hold, etc.?

Quote from @William R Bebout Jr: The worst thing you can do as a PM or REALTOR is think you can buy leads to scale your business.

Verifying last 2 years of rentalhistory and income extremely important to find the “best of the worst”.Make sure you understand the Class of properties you are looking at and the corresponding results to expect.

ALL you care about is NET, cant pay your bills with gross :) DP, down paymentEM earnest moneyOk now pay me 10k LOL,  We need to "go guru" mateCrazy how much cheese some folks are making... lol Funny, but the worst part, 99% of those that read books, take these classes NEVER do a deal, ALL THE BEST BRO