There are also additional costs of operating and maintaining an LLC, like separate bank accounts, annual report filings, tax filings, etc.2.

If you plan to operate the entire business, that will be work.

A Google search also didn't prove particularily promising.I am taking over managing a group of student rental properties that my parents own and (very, very informally) operate in the Bay Area, California.

Did you also include financials/ POF for the down payment/ credit report/ info on yourself such as your experience level operating rentals, to give the seller more peace of mind to lend to you?

Unlike e-commerce or social media platforms, where data privacy issues are more visible, the real estate sector often operates behind the scenes in this space.

High efficiency appliances were utilized including HVAC, light fixtures and water heater.

Remember, C/D located properties generally appraise once improved for significantly more than they will actually sell in an arms length transaction so you can go to many C/D neighborhoods, successfully complete the BRRRR method but deal with  all of the operational difficulties of the asset class and then fail to achieve a sale figure remotely close to the favorable appraisal  that allowed for the proceeds to be returned through the refinance. 

Real estate investments can be great so hopefully you can apply what you've learned here so that if you decide to try it again you'll get a better outcome.I think what may have went wrong here is you invested in real estate at the wrong time, and with the wrong operator (syndicator), and perhaps didn't have the expertise to sort either of those two factors out.  

There are also additional costs of operating and maintaining an LLC, like separate bank accounts, annual report filings, tax filings, etc.2.

I am NOT operating to where a late tenant payment affects my ability to manage my rentals and pay my expenses.