It is more complex and has added requirements such as a formal set of books just like a corporation. 

Our HOA/complex manager has saved my butt more than once when a guest has locked themselves out of the unit and I'm across town or whatever.

Whether that is actually true can be debatable and the seller might not want to deal with complex lending situations.

PS: I know billionaires with less complex structures.

One thing he didn’t anticipate was the complexity of the reporting requiremnets, especially if he wanted investors outside his immediate circle.

If you’re confident managing more complexity and have the funds, a small multi-family property could yield higher returns.

Could be too late to form the more complex plans for 2024, so plan for 2025.Start an HSA plan.

I know a lot of CA investors doing MTR/STRs to cash flow in-state and OOS but it's a lot more work, not mailbox money.I hear stories of OOS investors losing money in the Midwest, the worst being a CA investor buying 3 apartment Class C complexes in Missouri who finally sold it 3 years year with all the repairs and tenant issues after changing PMs which didn't help.

Financing and Complexity: An LLC can make financing more challenging and expensive since banks often offer better terms on personal loans for real estate than LLC-held properties.

Also I agree with another post before regarding the complexity of structuring a deal like this, which would also turn me off especially if I was just getting started.