I'm curious to hear from a distance investor (or multiple states property owner), or Lenders that are familiar with this matter that should I form 2 different LLCs in 2 different states?

But from personal experience, most institutional lenders and hard money lenders require wet signed documents (RON is not accepted).

I am also trying to establish my team, I have a good realtor who is sending me properties, I was connected to a lender but I am open to suggestions/ recommendations for lenders, property managers, project manager (is this common?)  

Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?

You will need to get a local, rockstar Realtor, contractor, lender, and property manager.https://www.biggerpockets.com/blog/core-four-real-estate-tea...

In Private Letter Ruling 8429039, the IRS stated a minimum holding period of 2 years.

Some lenders may require a stable work history to approve a mortgage, so be sure to discuss your options with a mortgage broker or lender.Network and Seek Guidance: Connect with experienced real estate investors, join local real estate meetups or forums, and seek guidance from professionals in the industry.

Hard money/private money is common.

You can still learn investingTeam up with someone that does have money and become their assistantIf you have a lot of money and no time, either look into syndications or find someone who buys properties for people who have no time, like us.If you want to do Subject ToHave about $30,000 available liquid cashIt is Not “no money down”Borrowing from others to cover the costs for doing Subject To has serious legal consequences and is extremely risky for you, your 2nd position lender and for the sellerIt is easy to do the contract (Transaction) for Subject To, but it is very hard to do the next few years correctly.

NathanHey Nathan,A lot of the private/Hard money lenders that I work with do not require that, so depending on your strategy it shouldn't be an issue.That sounds like great idea though, it could set you up nicely to hopefully save up for a good primary residence.Would love to connect and talk through the strategies financially if you are interested!