I think it matters more about asset class and expectations...if you are buying apartment complexes and hire a PM the has a portfolio of SFR's you're going to hate yourself at the end of the first year.

Yes, if you have an LLC in California it is more complex then most other States. 

The first time we rented from them our neighbors were selling meth and leaving bags of meth and dirty needles all over the complex.

How would you describe the complexity of the real estate industry?

Multi-Family properties offer more potential returns but they also come with more complexity and management responsibilities.

I'll send you a DM as well but wanted to connect as I'm very involved in the multifamily market for small(2-4 unit) and midsize(small apartment complexes) in the Pensacola area as both a real estate agent and as an investor. 

I now have close to 20 LLCs It is a nightmare, expensive, complex, and an accounting disaster. there is a lot to be said for keeping it simple. 

I happen to own a small parcel  in a shopping complex that has great demographics and is always busy.  

It just adds another layer of complexity to the process, it will hurt part-time agents and drive many out of business, which is frankly not a bad thing.Buyer-side commission is now no longer set as a typically uniform percentage on MLS and fully negotiable. 

It reviews a number of different structures with  the advantages / issues of each;http://www.mondaq.com/canada/x/334102/Capital+Gains+Tax/Are+United+States+Limited+Liability+Limited+Partnerships+the+Holy+GrailAdding anther layer of complexity is; how much are you generating in profits?