Real estate is risky enough.

I believe it is too risky for new investors. 

Cutting a move in that close can be risky, so I wouldn't advise that for your first property.

I've read that to limit my risk, I should title them as their own LLCs or at least have a separate LLC for the properties so I don't expose my other assets (primary residence, retirement, etc).

He consulted a lawyer and if they are both on the title they don't get taxed for the first 500k of profit, if its just my mom they just save half but then god forbid a lawsuit happens its not protected.In a trust it seems like its protected but there is no tax savings if they sell the house, in a revocable trust they have the tax savings, and probate risk is removed but its not shielded from a lawsuit.Is there anything to minimize all 3 problems of taxation, lawsuits, and probate?

While there are good property managers (so I am told), I would not happily test out a risky situation like this unless I could control all the levers myself. 

I’ve been a mentor to many 1st time investors, but I’ve never had a mentor myself and this new stage I’m going into feels much more risky than deals I’ve done in the past.

It seems worth the risk. I

Hmm, that's an interesting proposition.

For vacancy, I have no clue whether 5% is accurate for this area, but any estimate below 8% would be risky IMHO.You've budgeted for $800/month in income, but even Rentometer (which skews toward the high side in many cases) only budgets $785 in rent.