I've seen the SEC come in and shut down bad operators immediately as a risk to the public when they continue to raise money like this.

Pick solid operators and solid asset classes.We syndicate self-storage projects.

District Court to operating a mortgage fraud and equity stripping scheme involving numerous New Hampshire properties.

Evaluate forming an LLC to protect both parties and outline everything in an operating agreement.

Buying an out of state rental property from a realtor, wholesaler or off facebook or zillow etc as opposed to from an operation or turnkey provider who has an active, substancial, and effective boots on the ground team or teams to support you after you close on the sale. 

If you operate under an LLC or other business structure, are there tax implications or requirements I should be aware of when paying myself?

Same thing with Clayton Morris and any other well known operator really. 

Build a local team for cleaning and repairs to streamline operations.

While I don't believe that you need a full blown business plan, strict operational budget, timeline, scrum board, etc...

Investor focused realtors & Property managers are going to be your biggest asset since they'll be finding your deals & managing the day to day operations for you.