We are both previous renters and we thought we could own a rental and be better than our previous landlords to other people.

I ask because I thought the loan had to be non-recourse - 

And that's every 3-4 years when tenants move out.Hope this gives you some food for thought.

Ideally, I'd like my first few projects to be local to me in Atlanta/West GA/NW GA market as I get my footing but am flexible for the right deal (out of state or more south/east of Atlanta which I know investors are loving right now).If you are an experienced investor currently cash flowing 500k+ annually I'd love to hear your thoughts on my goals, pitfalls to avoid, strategies to employ etc. 

The asset protection benefit is that I can utilize Special Allocation strategies whereby, I, as a natural personal individual, would own less than 10% of this new Partnership/LLC and my SMLLC would own the remainder 90% thus the majority tax responsibility would flow through to the SMLLC.Any thoughts from the professionals of BP is greatly appreciated!

Now there's a thought.

over 20yrs prepared and file my own returns, but financials became more complicated so I had to turn to an accounting firm. 

You can score unique, high-quality pieces at lower prices, but be prepared for limited sizes and colors.

I wasn't sure where to start and buddy of mine said I needed to change the way I thought about my finances. 

Just be prepared for negotiations, as the owner might be hoping to recoup some of the costs from the remodel.