Replacement costs of sewer treatment are something I would definitely need to factor in.

Keep a level head.. and do realize that like most things that have really big money potential it takes a lot of work a lot of drive and some capital..

Due to several factors, we chose to not have him setup our LLC.

A classic was when the sellers were still packing several hours after closing and I was there with my buyer waiting and they had the nerve to ask if we minded if they took showers before driving off. 

You should look into Series-LLC and see if that's an option for you - then you don't need to worry about this question, as you can place a property in its own children Series-LLC that you can form when needed.As for distribution, you can have one or more per LLC, and that depends on multiple factors:- property class - you might not want to mix A class property with a D class property in the same LLC, due to different tenant level- cash flow - you might want to keep your cash flow cow separate from the ones that barely produce- equity - you might want to keep the one with large equity in its own LLC while you can group the ones with little equity in another LLC (let's say you have one with 50K equity in its own LLC and 3 other each with only 10K in another LLC, till their equity grows to your risk threshold when you move them out in their own LLC).- number of units (in the case of MF)- location of real estateThe investor has to decide what mix is optimal for their situation.

Big complexes/companies won't tell you anything over the phone so I usually just drive to the complex with a form and the signed authorization to get rental information and the PM will just fill it out for me. 

I defined the market as whatever I can drive to within an hour.

How much money/return you could get, but they never talk about visually analyzing the deal.What I mean by this is looking at the property, and the area around it, and letting that factor into your overall analysis.

Typically, it will require 30-50% down (depending on the lender you use, property type, state and few other factors).

I would be willing to drive out as far as Butte (some nice neighborhoods in Butte are very comparable to some multi-families in Great Falls) to do a showing for you.