This is a very real concern in a rising market. 

When the first sign of trouble appears and the "I told you so's" arise, you may become a motivated seller.

If a hot tub youll need a contact to work the hottub when issues arise, hopefully your handyman or some local pool company. 

The tenants have to be trained that initial cam is low as it's a new center and to expect a rise in overall cam.

Even with a GC, problems arise causing delays and sometimes default.A 2nd home that's now bringing in income as a short term rental screams occupancy fraud to a lender (even though you probably didn't mean it to work out that way)I think you should pass on the lot and slow down a bit.  

If I'm paying him directly, then he will have a vested interest in seeing me succeed and I'm less likely to be bashful about approaching him with land-lording questions as they arise. 

Your biggest exposure is legal fees to defend yourself, not judgments, and having an LLC won't eliminate the need to defend yourself should the occasion arise (and if you get bigger, the need will arise, trust me).There may be some value in LLCs if you have substantial assets and are concerned about the exposure to those assets resulting from personal negligence.

A deed in which the grantor warrants title only against defects arising during the grantor's ownership.General Warranty Deed.

If they can be built much cheaper and people who would like to own but can't due to various reasons, biggest one being priced out of the market, this creates a real opportunity here to solve arising housing challenges.

You might only need a good local handyman to address any issues that arise inside the actual condo itself.Condos are not for everyone because of the HOA fee's and often less appreciation as well.