I haven't seen it proven but I sincerely doubt that having each property in a separate LLC is going to stop any legal action from being limited to that property. 

If your PM is worth their weight, they are using contractors with a proven track record that back up their work.

There will be a lot of proven people here who demonstrate that you can totally self manage an out of state property.It really will depend on you, the market, the property, and a few other factors some of which may be out of your control.I would not look at PM strictly as a cost, there are a lot of good local PM's who can add value to your property. 

However, recognizing these differences and working towards mutually beneficial solutions can transform this contentious relationship into a powerful partnership.

If you consistently analyze properties, it will be much easier to recognize a good deal when it shows up.

But, the real challenge and skill, is in recognizing future opportunity today, or creating it with value-add opportunities.

Vrbo has proven better for us.  

Lastly, I do recognize a  few names on here that responded. 

If you consistently analyze properties, recognizing a good deal will be much easier when it shows up.

You recognize that a typical rehab lately will run around 15%+ of the ARV.