., and the things I'd keep is strictly the oil, ags, infra assets and REI.  

These duties may include a monetary expense and always include the time required of you or your manager.MaintenanceOwning a rental property involves managing routine and emergency maintenance.

@Jeff Miller$40k in equity most banks will not allow that to be pulled, as they have strict loan to value requirements.Whether you put properties in or out of a LLC, does not matter who owns it, but if you are seeking to get bank financing for acquisition they will want 25% down.

A 1031 exchange is only an option if the properties you're selling and the property you're buying are for business use (generally, that means they have to be rental properties, used for your business, or held strictly for appreciation and not used for personal use). 

Or, a charging order may be granted.If you're going the umbrella insurance route, perhaps see if it will cover you for several things including just the routine slip and fall (like mold or earthquake).

Some jurisdictions are strict on permits, and some don't care at all. 

Some optional items from a LTR lease now become requirement: you have to own the utility account, definitely have contractors to maintain yard, pest control, periodic soft wash the exterior, pool/hot tub (only speaking from FL, or any other property routine maintenance in other region). 

So please spare me the "I'm legitimate" routine.

Don't overextend yourself in the beginning.If you are strictly planning on self-managing, 3 hours is quite the distance.

What helped me the most was taking a "cram course" that strictly taught the test.