There's tons of literature on the internet.

If you have access access to an 'Asset Protection Attorney" (Local), this is a good question to ask him/her.And also be sure to ask your tax person about the cost for maintaining either structure (accounting, tax, quarterly filings, etc...).Everyone always wants 'The Best", but (for instance) a Rolls Royce is considered one of the best, and it COSTS a lot more then a "Used Camrey".Getting expert advice on your personal situation is always best, vs just winging it based on someones response to an internet post.That being said, a Living Trust can own an LLC, but if that setup triggers an added tax return or two, IRS State and Local ($$$) is it the best choice.Which cuts down a tree better; a chainsaw, or a beaver?

It just depends on your goals.

Deciding how to own property—whether in your name, through a land trust, or using an LLC—depends on different things.

What do you recommend as a starting point of capital before investing  Depends on which area you're in.

@Christopher Stewart  I don't manage this high end a rental but maybe your location would help.   7 thousand a month may be a different renter depending on where you are I would think.  

My target investor is a higher earner and likely accredited depending on how this would be structured. 

Depending on how that was discussed at the time, that could have created an easement on your property for those water lines even though it isn't documented and recorded at this time.

A dependable team is essential for real estate investing success.Remember, patience and thorough research are key.

With regard to point 2 it is very dependant on rental demand.