Most important may not be "how you structure," but that you make great investments and take action to create cash flow and profits.As a lender I see a lot of companies organized poorly and accounting for things incorrectly, but it might be better to see a lot of income structured incorrectly, and a little organized perfectly :) With that said, I am careful not to give legal or accounting advice, I can say that I maintain separate companies and open business accounts for each company. 

But as long as we keep our heads up and maintain an optimistic attitude then we can still crush it in whatever market we’re in!

I've been scanning the forums and listened to @Scott Smith on the Bigger Pockets podcast #109 talk about how real estate investors should maintain separate LLCs--one as the operating company, one for their fix and flips, and a separate entity for their buy and holds. 

If you are obtaining bank financing, the bank will more than likely want an environmental study performed, these studies can cost $1000's of dollars depending on what is discovered on the property.Is there a need for this type of property in the community?

Or state how many share each bath and how the baths are maintained between people. 

Although i believe if you're completely new and plan on contracting out most of the work, its more important to study the areas, network and vet your people than to worry about the WHERE - theres certainly upsides for focussing solely on markets outside your own, its certainly doable and a lot of people do it, even (or maybe especially) when your starting out, the added risk can be minimized and downsides you cant eliminate may be worth the upsides.

I just visited the city to study the neighborhoods and view some properties.

I live out of state and only go in person every year or so, again, mostly to maintain the relationship but also just because it seems the wise thing to do.

While I don't feel that is 100% required otherwise, I think it's a good idea to maintain a certain level of maintenance to show you are attentive and taking care of the property.

I knew this flip was a good deal just from spending so much time studying my market before I decided to jump in that and living in the are my entire life played a big part as well.