Response to #1: Some lenders allow for layered entities while others want warm bodies/natural persons to be direct managers.

The  unit is rented consistently and is functional but also needs upgrades, new siding (has 2 layers), Some rooms could benefit from re-wiring and more insulation,   Painting is always an issue as it is not plaster but older thin wallboard. kitchen is fairly new, bathroom could use upgrade, upstairs bedrooms have some pitched ceilings but I don't think based on the foundation/construction it is a candidate for a full second story and it had a new roof a few years ago.

This hands-on approach enables me to obtain useful information, allowing me to make informed judgments and alter my investment strategy as needed.Analyzing these precise elements of a property gives me vital information about its potential.

Networking becomes particularly vital when investing in areas where you lack expertise.

This adds an extra layer of security for both parties, and you'll have a clear record of all transactions.**4.

For example, I've seen where a hobbyist investor/developer works on project, they hire an engineer and/or architect, but they ended up missing something vital, i.e. drainage issues, environmental, fire dept review, planning the wrong type of product for that market (buyer & renter demographic), etc.

As for general contractors, they are vital to the success of your projects.

As well as, updating the fair market value of the account once a year.LLC would have LLC protection and add an additional layer of protection since the IRA is already a protected entity. 

A PM is your most vital team member to ensure that you have a successful investment.Zillow does allow you to market the rental for free on their website.

As your income grows or your needs change, this initial purchase could also potentially be converted into a rental property down the line, adding another layer to your investment strategy.