In addition to identifying the Registered Agent on the Sec of State LLC filing, its my understanding that the governors (members) must be listed as well. 

@Mike Nelson, I don't believe there is one general answer for this since as Sergey has said, it will depend on your level of comfort.You could set one limit based on a per unit number for general repairs and another for emergencies (water pipe break, etc).We usually have the PM review any non-critical items in a weekly meeting for approval (say over $2000/unit).We also have pre-identified all the renovation needed for each unit prior to a turn or major renovation so we have an idea of how it will impact the budget.

With that in mind, I was able to identify what cities are good for this type of investing.

After observing the market a bit and doing deal analyses over time, you will be able to identify deals that work for your criteria.

If the sold property is $2 mil and a NNN property is identified at $2.5 mil, can the trust/trustee take out a $500k loan to make up the difference?

From the date of close you have 45 more days to identify you potential replacement properties. 

If it was a Conventional loan then you're legally allowed to transfer the asset as long and the members of the receiving LLC are the same as those identified on the loan.

Identify what are the best numbers you can get in the areas you can afford, track the market for a few weeks and gain knowledge.2.

I am new to flipping and currently try to identify my farm area (within 1 hour from LAX area).

I think that is a huge first step of identifying which market and why?