Generally, I'd say no, it isn't a good idea to do what you are thinking, but depending on your specific circumstances, it might work for your plans.

If so, please share and also any unforeseen situations you had come up.  

Some of the answers above seem to be a little coy ... so in most circumstances - NO.

The Cleveland area definitely has some gems that would allow you to find a great deal under those circumstances.

While under normal circumstances it would be the tenants responsibility to have renters insurance to cover moldy clothes, since the problem wasn't immediately fixed they could easily counter argue that it was the landlords negligence in fixing a health related item in a timely manner that caused the damage and not just a standard case of a moldy apartment. 

Having a high threshold for pain as well as dealing with undesirable circumstances (two things all the Jackass guys seem to embrace) no doubt comes in handy as a landlord. 

I have done some of my own research on the difference between domestic and foreign LLC's, I'm still unclear what to do as everything I read always has a disclaimer to talk to an attorney and accountant about "my specific circumstances".

For example what is it comfortable LTV to maintain over all of the properties and how much liquid cash should I have per property put away in case of vacancies repairs and unforeseen circumstances?

Each person's circumstance is unique.[* = I'm assuming investors and wannabes have done the basics of paying off all non-asset debt, they have sensible positive cash flow, and have some kind of emergency cash fund suitable to their comfort levels.] 

Contractor issues, cost overruns some quite unforeseen, some overlooked.