I have read conflicting information as to the requirements and limitations of a real estate agent being part of an LLC owning rental property.   

The IRS requires that you separate the value of the land as land is a non-depreciable asset, thus you are not able to receive a depreciation deduction for the value attributable to the land.

However, its something you are REQUIRED to take by the IRS.

There are 12 states that require NMLS registration and a state license for ANY loan on a 1 to 4 unit.. the rest of the states you may make a commercial purpose non owner occupied loan without a license.

The house required new flooring, new exterior siding, new windows, new cabinets, new siding, new plumbing, and new electrical.

Success in both SFHs and Multi-families still requires purchasing at the correct price and having the correct systems in place to deal with issues as they arise. 

It's easy to obtain, costs very little, and doesn't require additional, on-going effort to maintain.

We understand there is a limitation on how long you are required to live in the property to keep your homestead exemption.

3) Are there any specific requirements or compliance issues for an out-of-state LLC owning property in Texas?

In my area out of area landlords are required to have local property managers. 2.