If you buy all cash then you just have to worry about diminishing return on your money, RE will always hold value just maybe not what you anticipated.

One thing I wasn't too fond of was the room sizes, they are a bit smaller than I like, but is also typical in these year homes in Jersey.Though the equity is diminished by doubling the rehab cost, it's still there and the cash flow will still be possible, especially with a nice rehab.

It is possible that you could convince a judge that the fact that you have financing in your own name on the building does not mean that your LLC was a sham or that there is no separation (especially, if you followed all the other corporate formalities and otherwise kept your funds separate from those of the LLC), but I think your chances of being able to keep your personal assets out of a lawsuit will be greatly diminished in such a case.Personally, I would go with the commercial financing as the terms are not that much worse than Fannie/Freddie financing, at least in upstate New York. 

In a down market your equity will diminish until things return, so why not utilize that equity while the market is hot!

It's likely that as you add value, your return on equity can diminish the longer you hold it.

Normally when you refinance your cash flow from the home diminishes so the point would be that next home that you are purchasing with the funds will make up what you lost as well as add to it since you are buying a whole asset.

I understand that owning a rental property might diminish my buying power, potential for moving into my own home but what I have discussed with my roommate is me moving into this condo for a couple of months or however long it takes to find permanent tenants and then I'd move out.

As a newbie, you will have an uphill battle competing against established agents for diminishing traditional market types.

They certainly make sense on paper when occupied, but the demand for the apartments will be diminished somewhat based on the commercial property below.

This will diminish the ability of your property manager to manage.