@Paul LaSpinaA limited Partner in a Limited Partnership should be afforded limited liability(up to contributions to partnership).As a limited partner in an LP - you are not allowed to engage in the day to day activities of the limited partnership.

@William Danielson the first step is getting a solid property manager who understands your limitations.

Liability is to great and requires special considerations that most residential set ups are not prepared for.

But then again, my trucks are 'beater' work trucks and have fixed functions... diesel tanks on one and just under commercial weight limits (25999) on the other... 

*Provide information about rental rates and other terms and conditions of the rental, as set out in a schedule provided by the owner, and*Accept deposits, fees for credit checks, and other administrative duties, security deposits, and rent*Provide preprinted rental applications and respond to applicants’ inquiries about the application*Show rental units to prospective tenantsAs you can see, a non-licensed, non-resident manager is limited to performing rather routine tasks that don’t call for initiative or decision making.For instance, this manager would not be qualified to negotiate a lease (4), deal with late rents or other violations of the rental agreement or lease (5), or appear in court on your behalf (6).(1) My property manager does NOT live on any of the owners properties.(2) My property manager is unlicensed.(3) My property manager supervises 10 different properties.(4) My property manager has negotiated leases for 12 years without a license.(5) My property manager has dealt with late rents and violations.(6) Unknown

People often use LLC for liability protection, and after closing the property in their names, transfer it to an LLC, which is a little sneaky.

One thing I would like to do more of eventually is bring on limited partners to deals. 

These concerns include, but are not limited to;A) Your LLC may be required by the local Board to obtain a brokerage license pursuant to Virginia Code §54.1-2106.1.

I've read the bigger pockets book, and read the blog too.I have very limited time and work a stressful full time job in NYC and live there, plus my weekends are spent with my girlfriend in NJ.

It is not as easy to access as cash flow but it does increase net worth and can be accessed via refinance, etc.  6) Local presents an opportunity for forced appreciation where you can do some of the work (versus out of state (OOS) forced appreciation often is more limited due to requiring the use of contractors because OOS).2 of 5 years occupancy is required to not owe taxes on the gain from selling the property.