I'm always looking for good landlords to partner with.Here is my feedback: the government saying you must take someone with second 8 (or disregard their finding source) is f’ing DISGUSTING.

I don’t have the links with me, but they are not hard to find.Your case is different since the HUD Owner REO disregards this for fha financing.

If people who play by the rules don't step up, more people will disregard the rules and those with good morals and ethics will be on the losing end.

After a few years, there does not seem to be much emphasis on separate bank accounts for single member (disregarded entity).  

Essentially, is it worth the time for me to put effort into this, or will it be disregarded in practice?

Those are reasons that courts can pierce the corporate veil and disregard the corporation or LLC and hold you directly responsible. 

The owner's lack of upkeep, poor maintenance, lack of management, and general disregard for creating safe & comfortable living spaces has created this situation.

That does not count your debt service.How would the cash flow look if you: Disregarded the Mortgage interest and analyzed it with your own loanImplemented a ~40$/unit utilities charge (if possible)Reduced maintenance expenses to your markets standard (rule of thumb of $550-650/unit/year, but can vary quite a bit)If possible, renovated the units over a 1-2 year period and increased the rents, if the market allows it?

I disregard for smaller properties.  

Or would it be better to take some classes at a local community college in the field of home inspections or code inspections, disregarding the "license" aspect of it?