In doing this I earned about $150K in equity from the get go, and I'd like to use the house to build further equity as the area cooks and then 1031 exchange in 2-5 years and buy something larger. 

Do you know if the k-1 earnings are reported as interest income and taxed as ordinary?

Sell when the market peaks and buy into good deals when available.

.)- You manage everything, get the property rented and seasoned, and earn your sweat equity.

Obviously, they'll need to trust you, and not everyone will like that idea, but it would allow you to get started and earn some money (and see if you like it) before investing a lot of money into it.

Todd,   You do need to register your LLC in WI, and have a registered agent in WI as well, and file and pay taxes on income earned in WI, Check with a qualified CPA on this, but im about 90% sure this is the case

You can't eliminate the taxes, but you can delay them until retirement and earn compound interest on your tax money instead of letting the government earn on it.

It's just not required to get a peak under the hood nor to be the first to know about property.

A investor must insist that cash earns it's keep and therefor deducts a 10% return of the top of the rental income first to compensate for the fact that dead equity is too valuable to ignore. 

It is likely costing you 5% - 8% annually in lost income.You need to pull out all the equity and force it to earn it's keep in other investment properties.Cash should never be allow to wallow in a investment property.