As PT Barnum used to say" A fool and his money are soon parted" There is room and opportunity for people who want to learn and work hard.  

Is my assumption accurate and what defines the different classes?

Define best.

If you can define that is "risky" it will help with determine the value of that "risk"

@Brian S.I would suspect your state Landlord/Tenant legislation/regulations would define how notices are to be served.

The FTC says nothing about what kind products or services defines a telemarketer, but defines it as a business soliciting.

How do YOU define "Market Value"?  

Having a clearly defined selection criteria will help you stay focused, avoid "analysis paralysis," and keep you on track to buy a wonderful investment property.

My goals of the LLC partnership are three-fold: 1. be official/establish credibility 2. clearly define ownership between the three owners of the property.  3. minimize self-employment and overall taxesIt will probably only be the one property with this group of partners, but possibly a second if this one goes well. 

@Scott GrafSeparate named search for each well defined subdivisions (use mapping tool); subdivisions newer than 1978; 3 bedroom/2 Bath minimums.Where neighborhoods are predominately tenement buildings use mapping tool to set boundaries; filter by desired characteristics (Age; 3/2; 2/1, etc.).