I would learn about the real estate laws in your area and/or consult an attorney to find out the proper procedures regarding the late payment.

What are the natural resources (lakes, beaches, mountains, etc)?

The Multiple Listing Service can make pulling comps easy, as long as you have access and know the procedure.

If it’s something you are naturally drawn to, that will work in your favor.

Interest on proceeds used to buy a rental is generally deductible, interest on proceeds used to pay your individual taxes is personal in nature and non-deductible.There are specific rules on what order proceed "lots" are paid back per the interest tracing rules when mixed use is involved.I recommend speaking with your tax pro and keeping them in the loop regarding this plan.

If the dog is mild natured and this was a simple accident then I wouldn't worry about it.

So by nature there is always going to be a lot of work, generally these are older properties which require more maintenance cost to be placed in reserve.

There's plenty of discussion on the forums that contradicts our procedure, but we've found that including utilities in the rent is attractive to the majority of tenants; they'd rather pay a premium (because you know we're padding the averages and covering our rear ends) than have to mess with setting accounts up and worrying about scratching three to four additional checks a month.  

I would like to learn more about setting up a LLC (or other legal entity) to own the investment properties and accounting/financial strategies to offset the income with the expenses... things of that nature.

I did have to come up with the Earnest Money, and pay for a home inspection and things of that nature, but costs were minimal.