Think of it in line of a defined business strategy.

Nothing was signed and there are no legal remedies involved this early in the process, so no harm done should things not work out.It's not fool-proof but it's less risky than most other aspects of REI 

Here is the IRS publication regarding residential rental property which also defines when the asset is considered "placed in service" and with examples too. 

I can’t let this job define me but learn from it and grow better.

Also, I've read some aspects that are needed to look at a certain market, but if anyone has any tips for this I am more than happy for accept new information!

Like most of you, Im a bit of a control freak when it comes to my investments so I self-manage and am in contact with my tenants so this is outside the box for me to allow/need the PM to handle all aspects of this investment due to the distance, but if the numbers are there take advantage of it... right? 

But now I realize that while I was busy learning about analyzing the numbers and what to expect, I didn't learn about the LLC aspect!  

I feel like I've got a pretty good handle on most aspects of rehabbing but I've been having issues finding a reliable company/guy who I can trust, and I'm really not sure what is a good price these days.Thanks in advance.

But if you don't need the speed and the cash aspect, then there's no reason to take out the equity if your going to turn around and refi your new property with another mortgage. 

One aspect I'm reading about is how notes are hard work, entail lots of phone calls, and feels like an being an administrative assistant, but it's unclear in what perspective that's painted.