Regarding which state to have your LLC in that is really best answered by an asset protection lawyer.

A Financial Management course 6.

So you would want the most recent financials from lets say August 2015 to August 2016.  

And after 30 years of a $1.1M paid-off house appreciating in an up and coming town, when I decide to downsize at the age of 65 i'll fund a good chunk of my retirement, or hand off a nice asset to my kids.If you could hypothetically take $100,000 on a HELOC and turn it into $5,000 per month cash flow would you do that?

They include a great lawyer, accountant, electrician, good plumbers, good handymen, these are the people I call on to help lend a hand when needed as well as my wife who handles all of the financial aspects of our business.  

You might look into form some type of corporation or a LLC depending on your financial wealth.  

You're looking for tenants who are responsible (financially, take care of house/pets, etc.), who you can control, and that will be easy to work with.I disagree with other responses.

I have done my research in regards to paying off my student loans first, but they are at a 3.2% interest rate and I still think it is more beneficial financially to invest now while I am relatively young.

the biggest issues are that the available tenant base drops dramatically around October and doesn't pick up again till the end of the school year.People are no different than animals in that regard.They want to be settled and hunkered down in a property before the school year and/or bad weather starts.Quality tenants with good financial backgrounds don't want to move their families in the middle of an icy,snowy winter for obvious reasons,and good college students have already started school in August.Many of the few available tenants will have questionable backgrounds like recent job loss,previous eviction,bad credit,difficult income verification and don't make 3 times the rent,criminal records,etc.   

I look forward to learning as much about real estate investing and strategies that will allow me to create a lifestyle of financial freedom and adventure!