Yes, I agree with your motivation; however, I disagree with starting an LLC from the jump due to the following factors:(1) High costs and maintenanceWhen starting out in real estate, maintaining cash flow is critical.

Chris I have installed nothing but elastOmeric coating systems for 13 years and I can assure you that if you want a sustainable long term repair then use a high quality, high solid content, Elastomeric coating system with reinforcement in critical areas.

I looked into just getting started with a 20k to 40k fixed rate home equity loan at the local credit union, but hit a roadblock there (I am still unsure why and will call them when I get time next week).Anyway, I'm just looking for general criticism of my plans here, and any suggestions about how to solve the cash crunch for getting this ball rolling.

Conventional loans usually have stricter credit requirements than FHA loans.Pros:No mortgage insurance if down payment is 20% or moreMore options for loan types and termsHigher loan limitsCons:Higher down payment requirementStricter credit requirementsMore difficult to qualify for than FHA loansThe down payment is a critical part of the homebuying process, and there are different options for down payments and loans associated with them.

Also I think it’s such an interesting area of real estate that seemingly will be more critical and valuable over the near to long term. 

Access to highways, clearing heights &loading docks, ESFR sprinklers, and above all tenancy is critical.

If you're a single mom with student loans, a car payment, and living paycheck-to-paycheck, then $20,000 would be devastating and a reserve is critical.

This is another reason why understanding the operating agreement is so critical.  

That's critical to start with. 

I think the critical piece is having a good team (cleaners, handyman, plumber, etc) in place with people you trust and having processes in place (process for turnover, process for safety checks, process for updating rental calendars, process for updating rental calendar based on future holidays and other important events happening, etc.To answer your question about the biggest risk, I think the biggest risk is the weather.