Why would you not leverage the equity out and invest it in a different vehicle.

Sorry to confuse you but, bottom line is, LLCs are not tax saving vehicle, they are for asset protection. 

I'm also a Veteran, so keep that in mind for later.About the property: It is a Class C Mixed Use building in the heart of downtown La Crosse, WI, which gets excellent vehicle/foot traffic.

If its 4 units or less the income approach which Cap rates are used not so relevant. residential units are appraised by per unit precises and CMA of comparable sales. 

I'm also a Veteran, so keep that in mind for later.About the property: It is a Class C Mixed Use building in the heart of downtown La Crosse, WI, which gets excellent vehicle/foot traffic.

Real estate is a great investment vehicle, particularly from a total-return perspective so I think you are doing a great thing by looking to get into it.

Wondering opinions on having our LLC own a vehicle vs. the LLC reimbursing  personally for mileage?

As you build construction knowledge, you can estimate repairs more precisely and bid on houses with more problems (make more money). 

Currently I am interested in using rental properties (single or multi-family) to be the vehicle for that travel, but since we have little in the form of a cash cushion I am eager to learn more about other strategies.I look forward to interacting with y’all and if anyone is in Southern California and wants to meet up (be it fellow newbies trying to figure things out, or experienced real estate titans ready to pass on their knowledge) my wife and I would love it!

I stayed here by choice, precisely because of the opportunity I saw in this market compared to CA.