It is effective but VERY expensive.

Staying in one market can limit long-term growth.For example, in my case, while we currently manage investments in Europe, I am evaluating the possibility of investing in the U.S. soon.

I don't know your living situation but if your paying x,xxx for rent or a mortgage and instead by living in one side and renting out the other you will be paying y,yyy instead and y is less then x that's great, especially if you can rent out your primary residence and make income there too. 

I know lots of installers don't do it, and I personally prefer the unimpeded look, but anything installed outside of the requirements of the material is probably going to be limited, i.e. the insurance company is not going to pay you because the material was not installed according to flooring requirements. 

Can be done 100% remote, nationwide, all but 0 risk. 

Our last deal we engaged a mortgage broker that also brought a Private Equity LP (Limited Partner) to the deal. 

It likely is out of date as to cost as this info is quite old (my guess is 5 years but it could be longer):- Rent Recovery Service: offers flat fee service starting at $20. 3 letters start at $30.

3) Any specific states you recommend to set up any of these (Not sure where I'll be purchasing property yet, maybe Detroit, maybe Cleavland, maybe Augusta, maybe Des Moines, maybe Saint Cloud, maybe Memphis...)4) I already have a LLC based in Hong Kong (We call them limited companies, but the principle is the same).

Being a remote location might already limit client base.

But, know what you want to accomplish beforehand.Creative Finance is a great way to buy properties when done properly and lawfully.