I need to re-read the definition in the Tenancy Acts were we operate, but I'm "guessing" they will mum on any distinction.

Thru the wall units vs window units are distinctly different in terms of how they vent.

Buying rentals has a distinct advantage over notes for money which you have outside of retirement accounts. 

Starting at this age provided me some distinct advantages:I have built up great credit over the last 35 years or soI have a large number of stock investments in both 401K and in general investments that have done really well for me over the yearsI have had enough success in the workforce that I'm really not afraid to take on new challenges.

Those examples only go to prove that each case has a set of distinct facts that can turn a case.  

The retail business pays rent to the holding company, just like any other business ... and the money flows magically out of your left pocket and back into your right pocket :) Seriously, though, do run them as 2 separate and distinct businesses and do not allow one to subsidize the other.

Annelyse Finley  from my point of view someone who has been in the trenches for 40 plus years. you have two distinct things going on... one as J martin explained your going to use your Freddie fannie slots 4  or some times up to ten to buy rental homes with and a personal resi.these will need to be in your personal name and proper insurance with an umbrella usually suffice'sLLC for me is not about asset protection as much as it is about setting up partnerships and uneven distributions of profit or loss.. plus loss carry back if needed for us self employed folks.

If real estate management IS your business, make distinct (in distinct accounts that do not have joint bank statements) your "managing existing assets" money and your "acquiring additional assets" money. 

To pluck a number from air, I would guess 8-10% would be pretty commonHard money on the other hand, which I can side distinct from private money tends to be 8% at the low end to 15%.

I think this distinction is dubious at best and the sites using it are mostly using advice from one firm in NYC to operate in this manner from what I have seen.