If anyone has any advice or tips, please post them.

I turned this into a LTR just because we moved 2.5 years after buying it and I wanted to rent it to not lose money on the move.

If you are willing to move and be a little uncomfortable for a few years, househacking would be the best way (in my opinion) to get in for low money down. 

If your tenants lose their jobs, then they should also be expected to move out of the rental. 

Another thing to consider is if the property and loan are in the LLC, not sure if it is currently against your credit and if you had to guarantee the loan but if you move it to your name now you have to include it in your DTI, so that could impact your borrowing ability

Any pitfalls to avoid or tips for making it a success?

My wife and I are planning to move back to Texas and Tyler has us excited in terms of investing.

Many of the successful fund operators I have seen have 6 yrs, minimum, of company experience before moving from asset to fund.  

-we were quoted some private flood insurance around ~$1800 for what we thought was adequate coverage for all buildings, underwrote that number, and moved onA little further along we learn the flood zoning is zone AE, private flood insurance isn't much of a thing for an AE zone, and FEMA flood insurance is expensive. 

Keep in mind they are likely paying below market value, so giving them a small amount won't be enough to cover the new market rent that they would be moving to.3.