In either situation, you can have a property management company take the rent, do your bookkeeping, take care of the grounds and vet the renters.

@Ryan Guffey, regarding income and ACTUAL expenses, I use Quickbooks online for bookkeeping.  

This means you have to get business insurance, keep business accounts separate, separate business bookkeeping, and not touch that money for personal reasons unless you do it a very specific way.If you already own the property personally, you have to transfer/donate/sell it to your LLC. 

Paperwork paperwork paperwork for all transactions you’re claiming under your business(s).
I know it’s a pain but it’s super necessary and will make your accounting team very happy.
You’ll thank yourself if you h...

But once again, there's way more to consider than just the cost of setting up the LLCs, it's a bookkeeping nightmare and you're going to be surprised when your CPA hand you his invoice. 

Two main reasons:1 - It is probably available2 - It's easy to associate the LLC to the asset when accounting/taxes/bookkeeping is involved

A - its so much cleaner for bookkeeping.  

@Brett Sayers  Hire a Filipino Virtual Assistant bookkeeper on Fiverr or Upwork who understands QB.

Establish some method of bookkeeping. 

I have cash in hand,, and I write a check out to them, then I have them endorse the check back to me and I give them the cash, this way I have proof of payment and my bookkeeping is not showing a cash out for this.