Here are a few:Pros: -Reliable rent paid every month-Stable tenants that typically stay in the unit for a long time-Purchase prices are typically lower so easier barrier to entryCons:-Getting the files onboarded and processed is very tedious.  

Cars are covered by car insurance, not homeowner or renter policies.Tenants files a claim with their car insurance, and you don't do anything.

If you are looking to use it you probably see it as a solution that produces specific benefits.  

There are two separate issues here: one is combining your personal and business banking which can complicate filing your taxes and is generally frowned upon.

In my view it more useful to focus on the total asset value rather than the number of properties in the LLC.I have found that filing the 1065 for a partnership LLC is simpler when the total asset value is less than 1 million.

You are moving into a very gray area if you are borrowing money from more than 1 family member and it's not for a specific deal as you should need to file an exemption from the SEC.

As it is, I've gone back to just keeping paper receipts in a file folder and electronic receipts in a gmail folder.

This can be fairly straightforward, depending on your agreement and if a partnership return was ever filed, you'll want to report half or your portion of the basis in the property as well as half the sale price minus expenses.

We bought an industrial warehouse for ~$250k and is in the process of renovating it. The goal is to finish the renovation by November and then rent the warehouse to tenants. Our estimated ARV will be ~$850k. Currently...

You are simply just going to be paying your accountant to file 3 tax files for 1 property.