Next is a good insurance policy, then comes business formations.LLCs are the most popular with investors, but if they are not managed correctly they can be worthless.

Your best bet is a good insurance policy."

We now make sure our landscapers sign a IPM landscaping policy agreement and that they are licensed and insured .

It's some type of store policy. 

My main aim is to create enough cash flow to spend more time doing things I enjoy.

A 3 year balloon is not good in this case, go for no less than 7 and aim for 10 or higher.

Insurance can be an issue, you may need a contents policy in addition to paying premiums in the contract, but again, without a mortgage, you could insure it.

I usually have a policy of not renting to ex-owners but I know many investors that have been successful at that.

Please sit down and think about what your process should be regarding holding a property and put documents (contracts), collection policies, and your state's law abiding practices in place to achieve your desired result.

I DO have sizable assets that are in my Life Insurance Policy that I would prefer not to use for various reasons (inheritance moeny, funds a nice policy, etc...) but could take a loan from it if needed.