But i would just rent it out instead and the actual person that moved in would pay the mortgage and some extra so i could make a profit. 

As most buy and hold investor you want to maximize the cash-flow from a property and you can still pay extra to the principle of the loan after you have a good cash reserve for repairs.

Now again, of course, if they are doing "extra" things in the monthly management that you find you want to be rewarding of then you accept their terms of that %.

For a small operator, the LLC requirements definitely take extra time/money and I see myself getting little benefit. 

The difficulty (but fortunately the one you as the broker or investor have control over) is the location of the new property.  

This will only cost your time and a few extra dollars for gas.  

http://www.cmarealtors.org/prelicense-class.htmlHere's the course outline for the exam http://www.mass.gov/ocabr/licensee/dpl-boards/re/c...The class will get you ready to pass the exam for the most part but if you are looking for extra learning/practice exams I always recommend the license professor.

Are you making extra principal payments each mo th?

Having the same difficulty as Jonathon Smith on finding a decent location.  

Flips sound like I would really enjoy doing them more, but I have extremely limited knowledge in fixing/repairing homes and don't have much extra time to spend doing it, so I think the "fun" part of having a flip I wouldn't be able to participate in and would just have to hire out.