Make sure if you do that to go through a commercial attorney familiar with syndications and procedures for capital raising. 

That makes it not real estate so no 1031.If your tax bill is going to be large then 1031 but into a passive cash flow producing asset. 

At the tail end of some radio broadcast, I recently thought I heard that it can produce $150k per acre?  

Is it when you are producing enough and do not care about that liability?

Will there be any extra paperwork or procedures with it?

That is fairly normal operating procedure in the rental business.

Good quality insurance would be valuable.If the plan itself has significant other holdings of cash or other non-liability producing assets, then isolating a property with a LLC held by the plan could be beneficial. 

Even if I have good credit, appraisal comes back great, and the property is rented out, and the income it produces can still cashflow AFTER the loan, will some banks decline loaning on this property if:1.

but those with the dough and the experience this is how it works and this is why a successful HML can make some really good money far more money than simply owning rentals.. that produce 100 a month or so. 

The layout is terrific and it has been a great income producer over the years.