Are there specific advantages or potential pitfalls I should consider when structuring these activities through my LLC?

Here are a few suggestions on how you can maximize the wealth of information available: Check out the blogs and podcasts, or take advantage of the search feature (magnifying glass).

Here are a few suggestions on how you can maximize the wealth of information available: Check out the blogs and podcasts, or take advantage of the search feature (magnifying glass).

However when a great property that fits what we like (ugly and a great price where we can use our skills to make it beautiful) comes around that we can take advantage of our position and get it, we want to be knowledgeable about that property type and be able to jump on it. 

Investors love to take advantage of this strategy to expand their RE portfolio and have better appreciation potential.

Its also a good idea to build relationships with realtors, contractors, insurance agents, real estate attorneys, and property managers in your area so take advantage of events, conferences, and meetups.

Always invest in your backyard @Dina Mazur - you have a huge home-field advantage I would not give up.

Doesn't seem to be a lot of options around here for that though3) Continuing to rent where we live, and buy a separate property to rent outI personally feel like having my brother to help out as a renter is a huge advantage.

Definitely not, IMO, Been there and its a waste of time and money and risk unless you have dedicated plan to take advantage of having it.

It's good practice in making the calculations needed to decide whether or not to pull the trigger on a potential deal.You soon learn that starting off as a Doctor is less advantageous than starting off as a Janitor, because the game presets your income and expenses based on the job title.