Will be a pain for lawn upkeep and harder to attract/retain tenants with all those steps.

Common fees will include a set-up fee, leasing fee for each turnover or a lease renewal fee, marking up maintenance, retaining late fees, and more.

This is not advice and I recommend you retain advisors to confirm.

The courts retain jurisdiction over said divorce.

For example your grandparents passing away with the asset will be a good tax answer but it could be a bad financial answer if they are in care centers and rack up $800k in debt which encumbers the land.1st priority is likely retaining the land, debt free if possible.2nd family operating goals3rd may be tax goals as you may not have any issue until you sell it.4th may be easy of transfer but in taking care of priority number 1 you may find your best bet is to gift the asset away or put it into a trust eliminating this issue. 

However there is a small chance that at some point I may lose this entitlement (I work for a multinational company and there may be a need to relocate overseas permanently).It would be my intention to retain ownership of the property even if I do indeed end up leaving and continue to receive rental payments.

But it will require some additional paperwork.You can have retained earnings with and IBC.In many other countries, it is customary to hold title in a corporation or foundation ( for asset protection and estate planning).

This means the return from the REIT can be outstanding as long as the REIT is earning any money.Yes, to get the favorable tax treatment you cannot retain earnings.

If I were to have a breach of contract in my w-2 job, all retainer and courts would be going after me. 

For tank water heaters, they are super easy once you muscle the old out and the new one in.