I would be cautious buying in the saturated areas because there are so many similarly sized properties that price is becoming increasingly the deciding factor. 

@Greg ReeseMost small investors will benefit by having the LLC created in the state where the property is located at.Creating an LLC in a state like Nevada, Delaware, Wyoming may be better for the big players if items such as charging orders, business friendly case law, anonymity are important to you.However, be mindful that setting up LLC's in those states will add to your costs as you may have increased annual fees for annual LLC fees + registered agent fees.

Our auto coverage is now at an increased level so if this happened today it likely would not result in any involvement of the umbrella policy. 

The land has slightly increased in value (by like maybe 3-4% over 3 or so years) but the value of the structure I'm pretty sure has gone nowhere. 

As long  the tenants pay the rent each month, increasing their rent will be very tough and getting them to leave will be extremely tough. 

Insurance is now a big factor in the expenses of investment properties, even here in Reno, NV there are areas that have had large increases for single and multifamily properties.

Quote from @Paul Lucenti: Creative methods tend to increase risk.

I have the ability to put 25% down or more to increase cash flow.

When getting new tenants I've found the increase to be much more. 

Increased housing inventory as new developments hit the market.2.