I have a solid property manager that I've been using for ten years, and the reno is relatively minimal at this point (haven't been into the units yet but based on the the pictures it would be minimal repairs and updating as desired), mostly cosmetic stuff outside and in the common areas.

Looks like you've covered all the numbers pretty well. 

The property I close on this month will continue to cash flow with the fees charged by the property management company.2) Should I obtain a LLC or just have an umbrella policy to cover my assets if something were to happen on my rental property?

Most where value-add situations in which I was able to help with the "full picture" so to speak by giving them estimated purchase cost, value-add cost, after-repaired value, and estimated sale price. 

However, for someone who is confident they can sell above the breakeven point to cover those fees (which would be about $500k in volume annually in a region with average home prices of $100-120k), the income potential is much greater with the 95/5 split.

Make sure to cover these scenarios in the offering documents.- It’s better to start with a small fund and have it sell out than to start a huge fund that doesn’t fill up, Just better for our track record and marketing.

Obviously, if I had $2300 annual cashflow x 3 that can easily cover the HELOC interest payments + about $2000 of free cashflow.

Trail cams are usually motion activated so they only take pictures/video when something is on the screen.

Marketing has been fulsome, price reductions have been aggressive and though a refi into a longer loan is an option, we're not in a position financially cover the holding costs much longer.

Now the key to doing something like this is to make sure you use the HELOC for an investment that will more than cover the HELOC payment.