Some make it seem that because properties are encompassed within a portfolio it is less important to do your due diligence on each, but I'd argue that it is even more important in these cases.  

Commercial encompasses large multifamily buildings, hotels, industrial, office, retail, development, self storage,etc.All of us that are commercial brokers specialize in an asset class and deal size range.If you are looking for larger multifamily or retail STNL or MTNL product it's all I do.

What are the pros and cons of using this type of legal structure to encompass a few properties and what advice might one give before considering this an option?

A mile can encompass a very diverse grouping of neighborhoods. 

@Kai Hicks good question, and great responses.That's one thing I love about BP - A pretty mundane issue comes up, and someone almost always pitches in with a response that encompasses all of the other unacknowledged and larger issues, and does so in a way that is also positive and instructive. 

Governance over IT should include:  An effective management structure that encompasses proper responsibilities and authorities;  Documented accountability that provides clear reporting lines, clear expectations, and the use of authority to achieve compliance with policies and standards;  Strong oversight by the board of directors;  Documented board approval of written IT policies;  Senior Management having appropriate responsibility to ensure integration of controls; and  Security Officers having appropriate authority to respond to security events that occur. 7 “Mortgage Servicing Rules under the Real Estate Settlement Procedures Act (Regulation X).”

I know that the people I surround myself with make it a priority to put 'me time' in the calendar.So here we go: take 5 mins to have a coffee and find a picture that makes you laugh but encompasses your dreams.

@J Scott Yes, much better all encompassing term. 

I am not sure when that area description was dropped, but this area now encompasses neighborhoods such as Queen Village, Bella Vista, etc. 

I was referring to Detroit Metro which encompasses most of the area you posted I believe.