There are some legal considerations as well as practical considerations 1.  

Hey Deirdre,To address your questions:Providing freedom by handling day-to-day operations.Offering peace of mind through proactive maintenance and tenant communication.Reducing risks by staying ahead of legal requirements, tenant screening, and dispute resolution.Enhancing the bottom line by identifying cost-saving opportunities while ensuring tenant satisfaction to reduce turnover.Is the experience still important when the property thrives financially?

This eviction altogether cost me $20,000 - legal fees, lost rent, and rehabbing.

From a legal standpoint, sure, it's not much different other than the paperwork and govt red tape.

Are there other legal or financial consequences I should be aware of?

I understand this is not a requirement, but I have never received a damaged unit from an inherited tenant or any legal issues.

It is legal and very lucrative in some parts of the US. 

What happens during periods when the demand for legal work is lower?

Well, what would be happening is that your buyer would be buying your house subject to the existing note, since you can't legally sell the property without paying off that note or transferring the debt to the new buyer.

As for the legalities of setting up an LLC to protect you and your partners, I would consult with an attorney for best judgement.