Obtaining competent management was an issue, I have no confidence in the service personal in the local area.  

I know the demand is there just don't hear too many personal stories from people that have actually done it. 

Talking to someone who knows about real estate in your area or a person who gives advice on money can help choose what's right for you.

Personally, I'd never do it.

Think of it this way, your own personal credit is tied to your SSN and you can improve it by utilizing credit whether that is credit cards, loans from a bank, or mortgages. 

Also, I'm assuming I'll need to setup an LLC to keep my personal assets protected? 

Then you are ready to find properties but you  need to know how to underwrite,  don't expect a person to give you a deal.

I often see these forums flooded with people asking questions that they really don't need to ask, as their questions are very much personalized to their specific situation.I will try my best to keep this as short and concise as possible for simplicity and not waste you all's time. 

We've had a lot of interest and I'm using TurboTenant to screen applicants before showing the property (after making the mistake of showing it to one person who fell in love with it but was not close to qualified to rent it).

There is a lot to the processNote I am not an agent (nor would I want to be one), but there are times when you absolutely should use an experienced person to handle one of by largest financial transactions you will go through in your life