First I want to thank you for reading, I am new to the investment market and the idea is exciting and terrifying at the same time.A few facts:Purchase Price: 325,000Rental Income Estimate: $5250Property details: This is a 3 door property:1. 1/1(main building)2. 3/2(main building)3. 2/1(separate building)Repair estimates to get all 3 properties up and running: $145,000 - $200,000I do not have a ARV since its very unique there is not anything we can compare to but I am looking to get a third party appraisal.Plan is to do a mortgage for the property with cash down payment.

So we are currently working on separating the parcels so that the single family home has its own parcel and the church has its own parcel.

Be also mentally and emotionally prepared for the folks that think just because this is not your primary home, it's somehow less of a catastrophic event for you because others did lose their primary homes.That's why it's vital for you to form support networks with people who are in your same boat - ideally in the same community.This truly pains me to share - but most of the disasters I'm seeing across Western NC are going to be considered flood events and if you do not have a separate flood policy you will likely get no coverage.

I’m good with having four separate bank accounts and separate filing but wanted to get feedback and thoughts on this entity structure. 

As a general rule, each entity that files a separate tax return (partnership, s-corp, c-corp, etc) will need its own QBO subscription.

So since markets are hyperlocal, it would be helpful to separate the "crash" from local market corrections.As for the macroeconomic "crash", as long as institutional investor ownership is involved, the market will be mostly stable.

I prefer to keep my business investments separate from my personal interests.

Or would they only get the 250k for single person since they have been living separately?

I have recently come across two separate deals, where the owner does not live in the house, but will not sell because the properties have sentimental value to them.

The whole purpose of the LLC is to mitigate risk and to separate yourself from the property through the LLC.