My longest recent rehab was 2.25 months and added a half bathroom, took down 4 walks including load bearing, put up 3 walls, new plumbing, electrical, flooring, huge percentage of drywall, an eye brow porch, new kitchen with full layout change and new bathroom with full layout change.  

a lot of new investors pick the cheapest markets in the country regardless of how far away they are, and how much knowledge they have of them, and I think that's a huge mistake. 

If you don't want the property any more a 1031 is probably your best bet, unless it's got a huge capital gains capture in which case you could just take your tax lumps and collect your funds. 

Oil prices remain a huge X factor, and housing prices (at least with respect to rents) are being held back by the most supply EVER being built and coming online here in 2024.

Have a huge cushion and don't get too excited as not everything is what it seems.

This has shown to be a huge return on my time.5.

I completely agree with your implied notion that if I were going to do this, it would absolutely be more beneficial to do it myself especially with an insignificant down payment like 3.5%.

If it would be more beneficial to have a structure, what are some cost-effective solutions?

They have HUGE benefits and small potential drawbacks.

Otherwise, if something horrible does happen, you just opened up a huge lawsuit that could destroy your life!