It is pretty loaded question and a ton of people on here have a wide range of experiences and expertise.

Try to have written contracts even with those you love and trust, exit strategies, reserves, and insurance to kind of protect yourself.  1.

What would be the best way to protect my personal assets?

A broker is legally responsible for your actions (and will carry E&O insurance to protect himself from your screw ups).

As a result, I am now looking to use my expertise and JV the program.

It's not clear from the site the level of expertise of the people who go look.  

I assume you want the liability protection of your LLC? 

Environmental Protection Agency estimates that toilets consume 27 percent of indoor water usage.Property managers and landlords sink 25 to 35 percent of their operating costs into utilities, while water costs, in particular, are up an estimated 200 percent in the past 15 years.Meanwhile, small, barely noticeable leaks may add $900 to yearly water statements, with larger leaks totaling, in some cases, $4,000.

I've read that you should 'have a lawyer set up your LLC' for maximum protection.

Statues limit the bank's responsibility to 12 months of dues or 1% of the original mortgage if they take it back through foreclosure but there is no such protection for a 3rd party bidder.