Everybody has different levels of risk tolerance or risk adversity.

I would need to really dig into their motivation, their risk tolerance, their capital and income, etc.Call it a style difference between you and I and not much more.

An investor that has learned to read the market and has a good sense of what the real value of RE is in various scenarios can successfully get much better returns with at least some leverage and minimizes the risk involved.You have to know your risk tolerance.

Just wondering what the consensus is for maximum equity to hold in an LLC for liability separation?

What metrics / numbers do you use, any factors that may vary it per LLC, any words of wisdom are much appreciated.

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I believe this is an area that will eventually gentrify and prices are somewhat tolerable compared to returns.

The correct answer is "it depends" on your tolerance for risk.

Learn the business and learn your tolerance level.

There's more to look at with your post. 1) Your tolerance for frustration (I'm no stranger to that, either). 2) The art and science of direct response marketing. 

This is a personal decision and removing area averages, it is dependent upon what your tolerance is.

I'm not as experienced as many you have already been advised by but, IMO the decision comes down to three factors: your tolerance for risk, the term, or amount of time you have to invest (or recover from bad investments), and your acumen as an investor.So...