I've even sent a list of possible properties in numerous zip codes.

In fact management is so crucial, we not only stay local but all of our managers have to come from within because they understand the system, the house rules, and are friendly within the recovery community - this helps in numerous ways because they understand the rehabilitation process and usually have a large network of future tenants.

You will not build equity or own anything this way.Also rules can change as they are in numerous places across the country to prevent STR's.If you only want to manage other peoples properties then I sincerely think this is great for you.

Fortunately, there are innumerable ways to learn--listen to BP podcasts, read books, watch youtube videos, do an apprenticeship with a RE investor, work as a carpenter's apprentice, go to REIA meetings, etc., etc.

I've read in numerous places not to buy/invest into a high unemployment area or low population growth area. 

There are innumerable issues that can be at play that exceed far beyond rate and terms. 

Almost every one of my properties operated in the red the first year to year and a half of ownership (Disclaimer; I invest in numerous 1-6 unit properties for the most part).

I'm a pretty savvy saver so most of my equity is in numerous investment portfolios, 401K/IRA, or my home.

It has original 1960s kitchen and bathrooms, water piping ready (literally)to pop open in numerous places, dreary corridors and needs new electrical panels. 

The consideration for whether or not to hold properties in an LLC is purely a legal liability decision and, because I am not an attorney, I am not qualified to render a professional opinion on this topic.The arguments for and against holding property in an LLC on BP alone are innumerable and can be found utilizing the search functions.