You should most certainly speak to a local lawyer about the details that pertain to you.If an LLC isn't the right move for you at the moment though --- having a robust insurance policy will be another, and very important, means of protection for owning rental properties.

This is causing me to reconsider only using used appliances in our units and switching to installing new appliances if the price is right.

Right now my cost assumptions look something like this: 25,000 ft to yield 250 units Acreage needed for 250 units = about 1 acre (Depends on local municipality requirements for detention, setbacks etc but for now this is my assumption)25,000*$50 = total buildout cost less land revenue $ *.35 = opex cost thanks! 

I’m looking more for the 5-10 unit market but if the right smaller deal comes along I would still do that too.

There are great people here which could guide me in the right direction and I appreciate any advice.

You’re right; inventory can fluctuate frequently, and finding the right property can indeed be challenging, especially in a transitional market.I'll definitely consider this approach to give myself more time to find the ideal replacement property.

If your putting up the land and getting the your right back to square one your hiring a GC to build it whatever fee and profit split is really up to you guys to determine/negotiate.

Is there some way I can invest without getting a property right now?

Can I include this to above statement in their leases or anything that would be giving me a right to simply throw their stuff or them out by changing the lock key codes and never have to worry about anything else?

It needs to be replaced right now.