I personally learned it by finding a local mentor, joining as a LP, learning the ropes and eventually graduating to the GP role.

Take advantage of that and get cheap money elsewhere.

My leases state the order in which money received is applied. 

They'd be able to give a lot more personalized advice versus what you might find on public forums such as these.That being said, there's a variety of strategies you might be able to employ.

I've read a lot of Marco's posts on BiggerPockets about Memphis and other turnkey markets, but seeing him in person was even more impressive.  

Just a way for them to make money.

Personally, I had both liability from my property and a large umbrella policy. 

So then the house is 10% owned by The Person, and 90% owned by The LLC (income and expenses shared accordingly).Now this year say I want to take the same percentage (10%) - and say it's a flat market and the house is still appraised at $500,000.  

So it could end up being a drawn out legal battle that I wouldn't want to be involved in as a renter living there personally. 

Maybe the house doesn't show well and you need to put some money in to spruce it up and make it show well.