Also make sure to have owners add you to their property insurance policies, so you have liability protection. 

BP has built a great selection, all of them worth reading and that will help you build foundational knowledge.To answer this one: the words from old school investor Dolf De Roos "seldom sell" and you will find a lot of post on BP from people who regret selling properties in the past.

I've seen banks be very competitive with blanket loans that cover multiple properties and/or multi-family properties, e.g. 5+ units.Mortgage Brokers (obviously I'm biased) - Brokers have the ability to work with all of the above and can get you to the best lender for your scenario right away instead of having you waste your time with the wrong type of lender.

How to do you first property? 

Meaning they buy the property at once. 

., to the best of my knowledge a Wyoming LLC can own property in any state, however the LLC must register as a foreign entity in that state. 

In my market if the property went up by $365K the taxes would have increased by about $8,000.

3) Buy a few out of state properties directly through an agent and work with a property manager to manage them? 

Also make sure you are comfortable with some holding costs if the units don't get rented right away (if vacant).Also look into if there is rent control in the area that the property is located.

Similarly, if you put several Class D tenants in a Class A 4-plex, what do you think will happen to the property?