You may want to somewhat hide your identity from tenants though, which if set up correctly, an LLC can do.You didn't ask, but... you should ask your PMC a LOT of questions about HOW they will execute their services and how they will communicate with you.

Figure out what your goals are and what you're going to be underwriting for, and THEN look for the deal while adjusting your sails as you learn more about the local market. 

Or, just didn't worry about inflation and just adjusted your CapEx numbers as the years went by? 

You adjust your processes and make it work. 

You can have 2 identical properties with same rent income, but the expenses and capex will be different.

can you adjust the price of the rent?

Whether it is better to pay down the loan or invest the funds elsewhere depends on whether one can generate a higher (risk-adjusted) return than the interest rate on the loan.

This would allow us to retain the tax identity of the partnership but also split the purchases between each of the partners. 

It tends to be the sweet spot in Detroit today because it offers the best risk-adjusted cash flow.

The market is going to have to adjust to allow for more of those creative financing options with sellers seeing the benefits.