Justin, I'm down in Savannah currently doing the same thing!

@justin.

My name is Justin, I'm from Utica, MI.  

Hello Justin, I'm not a property manager, I'm just a newbie (looking for my first duplex, triplex, quadplex) who happens to be a planner, but I do have local area knowledge.

I have been reading everything I can, listening to every podcast, I joined my local REIA association and trying to learn as much as I can.I have an strong practice as an Architect, (not licensed in the USA just in case) design, and construction. 

This accomplishes your friend's goal of having his properties in the same LLC, it's just in the case of this deal the "property" is an LLC interest.  

Now upon closing the contract on the home, we (me, wife, lawyer) set some things straight to I didn't get screwed without lube. 1) The seller had to pay us upon closing $6,000 to us, for future missed rent, and some other things. 2) Also, $35,000 of the sellers money went into escrow, just in case for some reason we only end up getting a C of O for a single family.8 months later, still no C of O, and I missed out on thousands in rent.

That's stuff seems to happen to people you talk to just in Pueblohttp://crime.denverpost.com/crime/burglary/Looks like burglary crime is down to 300+ a month, down from last month in Denver

Not saying you'll have the same outcome, but think a step ahead just in case.

Factor in carrying costs, then throw in some contingency, then a just in case fund, and pretty soon you'll convince yourself the bank couldn't give you the property for free!