one thing to remember is your not going to be living in the house,, so it would no longer qualify for tax purposes as homestead so you property tax base will more than likely increase so this is another item to consider as a cost if you keep the house as a rental. 

It will still be treated as a pass through entity for tax purposes.  

If you're doing this for anonymity purposes, maybe a revocable trust makes sense - minimum transfer tax in NH of $40 and no-one can look up the beneficiaries of the trust to know who is behind it, which makes it more challenging for someone looking to sue you/take your assets.

Having clarity of purpose will help in your next steps (like what type of property to buy, etc).I detected hints of both here--listening to BP is very investor centered but extending out the living arrangements with your college friends is alluring but not a real business plan.

Think about how each property will photograph and how best to present its desirable features.If it photographs extremely well (Hire a professional with great lighting, and have it photographed at day time and at night time), has desirable features and you promote it those 3 ways, you should have a strong occupancy rate through the year. 

It may slow you down a little but there's also a refi option in there as well that would give you the access to non-taxable cash for your next acquisition while your old property seasons for 1031 purposes.

Hi Matthew B.Your attorney is correct.I think that people get confused about single-member LLCs because they are defined as "disregarded entities" for tax purposes.

@Tim Healey  I've got an amazing contact for you, but can't promote it in the forum.

Preferably something I can do for a few hours on the weekend, on weekdays after work, or maybe a service I could offer to other investors for the sole purpose of learning before I take the plunge myself.Has anyone had similar experiences or done anything like this?

Here's one: I turned in an unlicensed broker promoting "virtual wholesaling" for advertising property in Florida.