A holding LLC in a protected state and two LLCs--one in the state you operate and one that has title.All titles go into one LLC, all operations go in the other.

I own several properties here in Columbus and it has been very nice considering Ohio is a landlord friendly state.

Are you investing locally, or are you open to investing out-of-state?

I am first lien and have all the correct paperwork filed with the state.  

I live in New York (for now 🙄) and will be buying investment property outside NY state.

In my experience most states have similar laws, though the specific requirements may be somewhat different. 

You should read this article about the core-4. 

The Augusta Rule, known to the IRS as Section 280A, allows homeowners to rent out their home for up to 14 days per year without needing to report the rental income on their individual tax return.Originally created to protect residents of Augusta, Georgia who would rent out their homes to attendees of the annual Masters golf tournament, the Augusta Rule applies to any taxpayer who owns a home in the United States, provided that your home is not your primary place of business.How Does it Work for the Homeowner?

Probably has incite on build costs. site and state specific.. no way to just ball park it. 

I can certainly see what you mean about using SALY as a friend for most years, but unless you want to stay current on all the state/federal income tax laws, you may want to seek out a professional every few years to double-check.