This doesn’t limit the investor’s upside, they maintain their ownership percentage so this isn’t a dilution.  

A single LLC will be easier to create and maintain than multiple LLCs, but all of the properties are in the same entity and are available in a lawsuit that involves a single property. 

I charge a separate deposit and *require* renters insurance maintained at all times with myself as additional insured.

You are required to repair and maintain a safe, habitable dwelling. 

Many of them won't communicate well, maintain the property, be a good neighbor, etc.It's a valid option, but go into it with eyes wide open.

I will be maintaining everything within arms reach in the future and no longer trusting PMs to any aspect of upkeep.  

My current primary residency has a lot to maintain.

All while maintaining a relationship with your serious girlfriend that will be 55 miles away...Any one of those endeavors would be challenging, combining them all seems very challenging.

However, if the tenant just doesn't take care of things, such as maintaining the yard, we might decide to wait until they leave to deal with it, otherwise we could be doing it again before they leave.

I have driven it, and I see a mix of cute, well-maintained houses with some kinda scary ones.