(Just my opinion, and no disrespect meant: J&G are doing other great things to help multifamily investors.)I'm working on one; I promise to share it once it's complete, but I need more examples I can use as models. 

I've talked to a few tax accountants and attorneys about it and some are open-minded, while others are convinced that they are a complete sham (though they actually know very little about them).I'm curious if anyone on here has actually seriously considered using one or actually used one? 

The answer is both and neither, all depending on what you're trying to do and which tool is best to complete that job. 

Is complete separation even possible?

My team and I manage 100+ investment properties, mostly Airbnb / STR, and we work with investors to complete 1031 exchanges, scale their portfolios, and invest in creative rental models.I started young with no help, the learning curve is steep and yes some people won't take you seriously, but if you assert yourself and really learn the content, you will earn respect.I'd love to learn more about your career ambitions.

These type of investments are illiquid, long-term and completely out of your control. 

We are currently in the process of Renovating this home built in 1965 and plan to have completely transformed it by spring 2025.

Many of the big announcements haven't been completed yet or still under construction. 

One attorney said it is a must, whereas other said confidently that it is completely unnecessary.

That to me is the simplest deal structure and the least "risk to you" as you aren't waiting for the final home to complete to be paid, as I understand it most construction loans close on the "dirt" up front....although like everything in real estate its infinitely negotiable and changeable.