Since this deal is owned free and clear there is probably a fair amount of capital gains and depreciation recapture the seller has exposure to.So, the less you put down the less capital gains tax, seller has day one.

Having an LLC is not necessary.However, it should be decided once you have a conversation with an Attorney and an Insurance agent.Some factors that come into play are1) Your Net worth2) Your Risk Tolerance3) Your Risk Exposure

All the development and Rent up phase risk/exposure has been handled by us. 

On one hand you have the factors of the asset value of each property and your perceived liability exposure.

The first factors are the asset value of each property and your perceived liability exposure.

The potential exposure and risk far outweighs any anticipated cash flow.

The parge coat is like icing on a cake, a thin cosmetic layer of concrete used to cover the exterior of the foundation mostly to protect exposure to the rebar.

I am not sure what other property classes you are typically investing in, but particularly for me, with experience and exposure in retail and multifamily, I have to remind myself that MF cap rates are the lowest due to extremely low interest rates.  

It's virtually impossible to get even air flow from all vents, and you usually don't want even air flow from all vents anyway as some areas will need greater volume and others less volume depending on a lot of factors such as where the room is located in the building, windows and other low-R value fixtures, exposure to south/west vs. north/east, ceiling height, etc.

What you want to protect is your exposure to liability from a lawsuit by the tenant or someone else.