What's your tolerance for risk?

Understanding your risk tolerance, time commitment desires, and investment horizons is critical.

Weighing these factors with the risk to your initial investment, the likelihood of success, how much the GPs are adding to the deal along side you, and your personal risk tolerances. 

A hypothetical $150/mo fee to manage a 2k/mo home is tolerable, but a 150 fee to manage a 750/mo house hurts.Just make sure you factor in all of your expenses into your equation and don't just calculate your cashflow as being how much money you have after paying the mortgage.

How long can your cash reserves tolerate that before you're bankrupt? 

Ultimately, the best market for investing under $250k will depend on factors like your risk tolerance, investment goals, and personal preferences.

Decide on your readiness financially and risk tolerance before developing an investment plan that is comprehensive but is able to grow into a long term wealth purpose.Good luck!

Normally, I do not establish LLCs until I have the property under contract and I am deep into the closing process.Regarding if you need a LLC, it all depends on your risk tolerance.

I would put a caveat on it that the best neighborhood should be defined as what you have a tolerance to manage. 

Depending on the property type and terms this can be justifiable but usually reserved for those with ample experience and higher risk tolerance. - Higher and Hard Deposits.