One of the big ones is that accounting software can keep track of partners' contributions and partner equity. 

I’m looking for a multi-family property or small apartment complex as a long-term investment.

I live in north austin, if you are reffering to multi family then austin is the place to be!

Investment Info:Small multi-family (2-4 units) buy & hold investment.

I’d look at properties that are already zoned multi family, much less risky.   

As long as you keep track of everything and report correctly you should be good to go.I'm always in the camp to Keep It Simple Stupid when it comes to running stuff through LLCs until you hit a certain critical mass of assets and/or income.Hope this helps!

For our next play we want to get into a single or multi-family, and preferably participate in what seems like a booming market in Florida. 

Before the end of this year it's just get back on track with paying down debt on the last property we just purchased so we can save for the next one.

I can’t lie, I felt a little jittery stepping in, kind of like I was about to bet on a horse race without knowing which jockey had the best track record.

I’d be very surprised if there’s not more small multis in the suburbs in your area.