I lived in Knoxville for a couple of years and definitely miss aspects of Tennessee.

There is a critical size--between about a dozen and 50 doors--where self-managing starts eating away at your weekends and becomes an unwanted and unprofitable chore.  

What you want to accomplish is that you TREAT the LLC like a partnership in ALL aspects.

That's what the BP forums are for.)Is there any value in creating an LLC for the sole purpose of managing the financial aspects of managing rental properties?

There are three aspects to real estate that you'd better get right: principles, finding and working.Well over 90% of people on this site do not understanf the first part so they jump into finding, or worse yet, working.

Not sure what aspect of REI you are looking to get started with but this is a great place to start, regardless.  

The critical issue is buying the lot right.

But that still won't account for the business aspect of the motel.

That will be in your favor if you change your mind since you can plan out the change and come out on top if you change direction.Many out of state investors ignore the hands on aspect and just take the word of the people on the ground who may just be looking out for their own interests. 

Pete.And actually, the location of your QI is not critical in this day and age unless you're wanting to sit down and buy coffee in which case it's absolutely critical:)Just kidding.