The good and bad thing about the information you have given is you are claiming that the property is full (physical occupancy) but what are they really collecting (economic occupancy).

I do however know I want (at least at the moment) to be involved in being a landlord, I like the idea of residual income and not having to kill myself with physical labor forever. 

Going two - three hours out from my location might be a better bet.  

I also agree your best bet is to connect with a local REIA and find Private Money Lenders.  

Maybe grad students, professors, etc. would be a safer bet. 

Your best bet is to ask a property manager since a realtor may not give you enough honest answers - they are trying to drive sale.

Love your message, I'll bet you receive a great response rate with this.

There are many different opinions but I would like to ask some of you for your methods for hedging your bets for a downturn that may happen in one or twenty years.  

Since they owe you rent, it's a safe bet they're not getting anything back, but you STILL have to send an accounting of how you applied the deposit within 30 days.If you do not do this, you could be liable for up to three times the security deposit, should they decide to sue you.

The owners of the LLC would guarantee the loan making it a safer bet for the lender.Hoping other members can fill it the gaps I left open...Best of luck to you!