@Julia Taylor I'm in California, so things may be a lot different, but I'd recommend calling or going to the planning department of the jurisdiction you are looking to buy land in. 

If I get exhausted from that, I'll pivot. couple issues with the Oregon coast..

I personally view it as a liability protection issue and base the decision on my costs to have the LLC versus the equity contained within.

The issue is that a train track runs behind it and the vibration is horrible (literally feels like an earthquake day and night).

Wish I had more luck with the manager companies.I just don't want to keep using cash to fix- cover any issues that come up now.  

Some issues that I am seeing.'

Hi - I have a second / vacation home in upstate New York which had an issue and is under maintenance for almost two months.

Why would anyone want to deal with tenants and all the issues? 

The 5 year proforma by DEFINITION is based on a whole slew of assumptions about a whole host of issues in the future - national economy, local economy, interest rates, cap rates, rental rates, political and geo-political factors.

ALL of these issues can happen locally as well for sure, but if you learn locally the lessons are generally not as expensive.