You might also need to check and find out if there is a Judicial process after the 3 years which makes it more like 4 years.  

Quote from @Stacy Gomez:Like most new investors, you are making things more complicated.

You are making almost everyone more complicated and expensive regarding banking and tax preparation. 

Apologize if these questions don't make sense, I just feel like the fact that I live in one unit and rent out the other unit makes things complicated!

Granted, more of a problem on AirBnB due to their complicity in encouraging ever-increasing automation, but there is truly nothing worse than a late check-in lock-out without a safety line or concierge to assist.  

Investing in syndications, done properly, is a lot less risky than described on the BP forums...and also a lot more complicated than discussed on the BP forums.

It is wise to purchase your real estate in an LLC but no need to over complicate the process.

Yes, if you meet all the rules that can get complicated especially for a house hack.

and it's obviously so much more complicated (and expensive!)

Also, due to the complication of figuring it all out, have merely paid the taxes on the land.