Once established, determine what properties would fit your goals.

Leaves me with $241/month true cash flow.In hindsight, I could have rented this property for possibly $1600/mo, but my tenants have great credit with government jobs and a clean record (criminal and with past landlords).

.^^ Ditto.I'd never set myself up for failure knowing I'm signing up a short-term rental, we are averaging 5 year renters on our properties, signing up somebody knowing it would be for 7 months would be like putting hot pokers in my eyes.Just imagine the scenario of them moving out and the place is a fricken mess, you  spend a bunch of money cleaning it up and it's off the market again longer than you  plan, really a crappy situation. 

Reinvested significant amounts of capital to clean up units/property/etc... 

We also handle cleaning/trashing out the place.

I've purchased two properties in my name but have also established an LLC. 

I have owned a few of these homes over 300 of them and NEVER once sold one for "appraised value always less" so the instant equity theory in my mind is just a feel good its not reality because you will never sell it for that.. it all boils down to rental returns.. andfrom what your saying the market appears to have cleaned out the bad landlords the uneducated and undercapitalized landlords and you have some stability.. it had to happen sometime.

Establish a "Business Entity" for the sake of building a real estate investment company, who can eventually "stand on its own record", perhaps with a personal guarantee in the short-run<----How do I begin this process?

Some of the more established RE investors here offer services, programs, etc.

Yes it would be a great investment as that area is also expanding and is a well kept clean neighborhood, before the market crash the property sold for 165k, boy did they purchase at the right time!