I wouldn't ask for legal questions in an open forum.

I can't think of a reason in this scenario that would align GP's objectives with that of an LP. 

Over all, a portfolio of DIVERSIFIED (as to residential areas) properties utilizing a buy and hold strategy should provide an adequate risk adjusted return without utilizing any other “opportunistic” strategies to “gig” the ROI.  

As I’m starting my real estate investment journey, would it be a wise decision to rent out my primary residence and seek a temporary rental for myself while I save money to purchase an additional property for investment?

Understand the fees involved and calculate the total cost for an entire year of management so you can compare the different managers.

Don't need an LLC, which adds to the cost (for now since everything is in a trust and I have an umbrella policy for liability, eventually I will get an LLC where I can spread the costs out)I wanted to get everyone's thoughts on this.

Potentially becomes an extortion issue if you hire an agent to list and sell.

I was under the impression that bank statement loans are an option for self employed

You are saying you want to do it because you think it will be an easier rental and easier money, which it is not.

Does an LLC not offer that protection?