A diplomat is interested; but I am not sure about renting to such applicant due to immunity concern(you cannot evict such tenant, etc). 

So true for SFRs, but the MFU 5+ has multiple rents and the more doors, the more immune you become. 

In other words, even if a property is freshly remodeled does NOT make you immune to all those expenses ... if you hold onto the property long enough (as you well should as a buy and hold investor), then sooner or later those items are going to need to be replaced and are going to cost money to replace ... if that money does not come from CapEx reserves taken out over time as a CapEx expense in the budget, then where else would the money come from?

My reason for paying off loan debt early is student loans aren't immune to bankruptcy (just being cautious) and I like having less overhead per month in my expenses.

Stress causes physical problems such as depressed immune systems that can make one vulnerable to infections, flu, and even cancer.

Ask a lawyer ANY question and the answer will always result in a recommendation which will require some legal service (and their fees).Don't get paranoid on "Asset Protection" - - just forming the legal entity and getting title in that name does not inhibit lawsuits nor insure you're immune from losses.Then there's the practicality of getting a loan in the entity name - - not trivial. 

On the risk mitigation front, no matter the market or how strong it looks, I always assume that it will crash the day after I close escrow, and if that would put me into serious financial trouble, I'm not closing ... and as your example on PHX and your buddy's 4-plexes illustrates, cash flow is not some magic wand that single handedly makes you immune from any and all risks (as some newbies seem to think), though it is an important part of the equation, and the quality of that cash flow is every bit as important as the quantity.

@Jeff B.You are right that MFUs and Commercial are valued by NOI, but they are not immune from market fluctuations.  

But after living there for 5 years in college, I kind of have grown immune to it!

And with the state of her now weakened immune system, the Lymes quickly progressed to stage 3 -the worst it can get- wreaking havoc on both her body and her mind.I’m not flying for business, but I wouldn’t call it pleasure either.