I felt that I would’ve been way over my head with repair & renovation costs.

You're in over your head.

However, even with substantial benefits, a considerable amount of effort needs to be put in to reap these benefits.

Heading to Cook County Tax Lien Sale next month, it will be my first in person auction. 

Keep your head up!

Part of the problem is inexperienced landlords who are in over their heads.

Even with this property that needed a ton of work I would barely cash flow with it fully rented in its current as is condition, let alone after doing substantial repairs.

I don't have the exact number/percent off the top of my head but want to say it was in the neighborhood of 10 thousand dollars for a pretty modestly sized/priced SFH.

I think if I was self managing, I would default to an LLC, but for this passive/hands off setup, is the protection that much more substantial?  

What I always tell people is that somewhere there is a little girl who could be the next Albert Einstein, but without our help she is more concerned with where her next meal is coming from or if she will have a roof over her head to be able to focus on life's mysteries.