I understand i need to report the income and figure out the expenses by using the square feet of the rooms.

If you bought a SFR or rented one then you would be paying 100% of the expenses involved.

Get involved in networking....virtually but in person also. 

Are there books, Podcasts or ways that I can study about how it's done and the details involved.

These are the big-ticket items that can destroy the budget. otherwise, I know what finishes I want to use so I can estimate the square footage based off where the materials would go.

You will NOT save any money by operating with an LLC, indeed there are startup & operating costs involved (not large), which means having an LLC will actually cost you more than not having one (outside of any liability related issues).

I have found a 2-1 property listed at 160k in great shape with an unfinished basement, and comps of 4-2 with the same square footage of the finished house have sold for 200k-220k in that area.

A few things to think about if you do decide to invest out of state:How involved in the process do you want to be?

For instance, this particular deal I'm currently involved with is located in the Unincorporated Lake County area.

It is extremely risky to not have any insurance in the event of a huge loss such as the house burns to the ground or a major lawsuit involving your property because of an injury.