There is no reason to invest more than an hour from your home.

That would limit the property to commercial loan products, which have higher rates and higher down payment requirements than an FHA or Fannie Mae residential loan product.You can buy the property with a 203K loan and then later refinance it, but refinancing it with a commercial loan product will cost more.You can do the 203K, refinance it later, and then transfer it to an LLC.

In 2012, I moved with my wife and two kids to Malaysia to start a software consulting business, which was a huge rush and an awesome experience... but it was also exhausting. 

Some markets are so saturated a house may bring in more as a LTR than an STR.

Here are just a few of major advantages it has over IRA:- Contribute 10 times more than an IRA (up to $61,000/yr)- No UBIT on leveraged real estate- Ability to take personal loan up to $50K (can't borrow a dollar from an IRA)- Checkbook control without custodian and without an LLC- Lower cost to setup and maitain- Tax free investing utilizing Roth sub-account

Assuming you have been doing your tax returns correctly for the two rentals you already have (perhpas using a tax preparation software package), acquisition of a third rental property does not change the way you prepare your next tax return.If there is some other complexity that is the reason for your question, other than an accounting issue, maybe an attorney rather than a CPA is better suited to addressing your concerns.  

I had to have regular phone meetings with my property managers, I ended up flying to Atlanta multiple times to meet with contractors, realtors and property managers, and the amount of time that was spent looking for new deals was exhausting.

With a tax lien I am in first position, other than an IRS lien.

Certainly don't put that in a contract.If I'm selling the place, I may agree to split a % of the sale price or estimated price, this becomes more of an equity partner than an employment contract.

A dozen properties takes less than an hour per month.