It seems to me that operating the management company as an LLC, would be a wise move because it seems like it would shield the owners personal assets, and personal income from a lawsuit involving a property.

To @Brie Schmidt's point, I would also expect average commissions to increase particularly for investor-friendly agents because they bring more value to the table such as off-market opportunities, preferred vendors & contractors, analysis and guidance on making wise investment decisions.

Or is it wise to hold onto the property, hoping for future appreciation?

You’d have to verify their claims, as you are - wisely - saying you would.Good luck.

. ;-)  For these reasons, it's wise to charge higher rates than banks when offering seller financing.  

Our apartments are a bit funky layout-wise which doesn't help to fill them quickly when they turn.In general if you have a functional apartment in Bloomfield with parking, you should have no problem renting it. 

It’s wise to do this well before you sell the property.

At the end of the day the goal should be to make enough to give you an optimum lifestyle but not go overboard and cause yourself more work/hassle if you don't actually need the additional income that comes from it.Increasing the quality of the area/properties should make it easier management wise and if you don't necessarily need the cash flow now could end up ahead in overall return compared to the lower end areas, especially if you use leverage.I think it depends on your source of active income as well and how long you want to continue doing that for.

Like wise, any one had success in selling their lot?

It would also be wise to get a lean release from the person as well as any subcontractors that they use on your job.Good Luck!