Getting the septic pumped is definitely on you and should be built into your operating costs as a recurring maintenance item.

Some employ a very linear strategy, in that they always operate with the same strategy in the same asset class with the same geographical focus.

However, I get what you're trying to do in order to be able to just print off a balance sheet to show your Net Worth.I do disagree with your CPA about putting in an offsetting liability as this still will not get you what you're looking for.Instead, I would create a separate asset called "After Purchase Appreciation of Asset" and debit that for the increased value.I would then create an Other Expense (Not an Operating Expense) and I would call it "Non - Taxable/Non Deductible Transactions". 

Farming operations have scaled correspondingly and what was the family farm of my grandparents is no longer sustainable ... in the areas where my parents grew-up, many "family" farms today are working  6 - 10 sections annually - a task that requires millions of dollars in capital equipment.There are also farmers who are specializing in organic and/or non GMO crops (both of which may require maintaining a wide border strip between their fields and their neighbours crops).There were (and likely still are) two principal ways of renting farm land in that area: a) straight rent per acre/quarter/section or b) a share cropping arrangement with the farmer working the land.  

It depends what you need a real estate attorney for.Forming your company, preparing Operating Agreement, etc. ... you can hire CA counsel.Dealing with local law, leases, tenants, legal issues and evictions ... need UT counsel.

We want to be real estate investors mainly dealing with rentals, we started the LLC thinking it would make the most sense considering we’re operating out of 2 different states (we paid the fees to operate in both).

It all depends on how much you are willing to invest, what areas you are interested in/classes of properties, what your operating costs will be and of course what your end goals are.

@Andrew Johnson I'm bad at explaining sometimes.The ltv would be around 75%Gross  income                         $57,000Net operating income est

scenarios to form up your final Operating agreement.Good Examples of "What IF" scenarios:What if you get hit by a bus? 

We have an LLC set up in SC, and that is where we are operating.