Just be sure you actually keep the LLC and rental property separate and don't commingle any assets/accounting.

Take into account the probable opportunity cost to the seller of being unable to deploy the proceeds where he will, and the seller is even further in the hole.Like I said, contradiction in terms. 

Before hiring cleaners for our pet-friendly properties, we have a conversation to ensure their quote accounts for cleaning up after pets.

Your accountants will love you and hate you as they love you because they will charge you a fortune but despise you when you do not put money in and out properly. 

Do not expect them to be proactive in their communication when it comes to renewing leases or anything else.There have been 3 instances where accounting has messed up on my account resulting in more than or less than the normal amount being deposited into my bank account.

I would definitely tailor the worksheet for your own calculations; for example, I added a "capex" percentage to the sheet as part of  expenses I want to account for.

@Timothy McleodYou should speak with your accountant first to see if you will benefit from a cost segregation study.

So that comes out to be $40K per home in the end.But during the DD, I've found instead of 40 vacant pads, only 35 vacant pads are usable, so there is a loss of 5 spaces for me.What is a FAIR way (to both sides) of reducing the purchase price to account for the missing 5 vacant pads?

I recommend working with a real estate accountant to get a free cost seg estimate to see if it will benefit you first. 

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