There is a big difference between accounting manager and account manager; account manager doesn't imply someone with an accounting background.It's better to find someone overqualified than someone who doesn't know the difference between asset and liabilities and operating and finance activities.

An investor with much more than than would likely see a reduction in paperwork and per/transaction and per/asset fees that would justify the additional expense of forming the LLC to begin with.

@Jonathan Norman  I don't have a attorney recomendation but on the insurance side, force-placed insurance  may be necessary  if the asset  is valuable enough to protect while you're foreclosing.

I would get with a broker because each wholesale lender has very specific guidelines regarding seasoning, cash out, first time investor ltv, prepayment penalties, asset verification and rate buy downs.Stephanie

This is your total basis that you will split between land and building and possibly other asset classes if you were to do a cost segregation.  

I have heard that some people establish a separate LLC to manage the asset that is in another LLC they own.

And if you really want to do it right you have to put each one in an individual LLC, as the whole point is to build firewalls between your assets.

Assume you can turn your $110K asset after selling costs into 3 Memphis units that each cash flow $200/month after realistic PM, cap ex/maintenance estimate, and vacancy estimate (a bigger challenge than it may seem because maintenance and cap expense do not vary that significantly base on the rent as much as the unit profile (number of bathrooms, square footage, etc.); cheaper rents have a higher percentage of the rent needed for cap ex/maintenance. 

Also, I'm hoping to obtain some more properties in the future as I learn more about this community and will definitely do better in interviewing property managers in the future!

There are individual characteristics such as knowledge of the each strategy, knowledge of market, determination, ability to find deals, create teams, personal finances and ability to obtain loans and fund deals.