That makes sense - these successful GPs/Operators are often only looking for institutional investors / QPs because they don't want the hassle of smaller checks.I've probably looked at dozens of deals so far and came close to investing in one that required a larger check.

If so, what kind of paperwork is required to fill out.

I wanted to start by house hacking but (1) I am not allowed due to strict HOA rules and (2) my city isn't as desired as the next city over.

These deals require REAL WORK but the hurdles can be overcome.

I value that because those tenants provide me with low turnover costs, low maintenance costs, and require very little time of my time.

From a servicing and reporting perspective - if the lender does not report to credit and they REQUIRE an LLC to fund, then the parent servicing entity most likely will keep your business/investment loans separate from personal credit.

Why didn't you make your liquidity requirements known upfront and save me a lot of time and trouble?

In addition to scale beyond a certain size will require use of PM.  

It would be a good idea to familiarize yourself with your local landlord tenant laws, ESA certification requirements in your state. 

Your profile mentions that you are a real estate agent - You want to have a conversation to see if you potentially are eligible to claim real estate professional status which would allow you to treat your rental losses as active instead of passive.Also have a conversation if you are required to make estimated tax payments since there is no withholding on your commissions.Lastly, your profile mentions you are in Florida which does not have a state income tax which opens you up to more options for choosing an accountant.