Couple things to do..1.

I was approached to help buy land that has been zoned for 34 townhomes at $2.7M (would be me and a couple of investors).

Separate checking accounts not required, but you need to maintain separate books and records.The TREC requirement is correct, but odds of enforcement seem low.

Several things to consider: 1) One of the main purposes of segmenting your assets into separate LLC's is so that your personal net worth or equity in other business ventures or properties isn't exposed, so unless you have a high net worth or a lot of equity in a property, it might not be worth bothering going the separate LLC route, especially when it restricts your financing of the property.  2) Most any commercial financing you get from a local bank for a small property is going to have recourse anyhow and require that you sign a personal guarantee, so you're still personally on the hook to the bank even in the case of a commercial loan.  3) If you're a newer investor and buying a deal that's tight on cash flow, or if you don't have a ton of cash sitting in the bank already, your greatest risk factor as an investor is your investment failing economically due to poor financing terms or not operating the investment properly, not because you get sued. 

Is complete separation even possible?

Then yes, maybe you can a couple hundred a month on your $50k.

Hey @Ana Mills, I also agree with separate accounts for each STR you have.

Couple hundred bucks a door monthly cash flow, solid ROI, and yes plenty appreciation. (#1 appreciating city 2023)I know many investors that have house-hacked with your exact criteria and done really well. 

A couple million dollar apartment building, office space, etc...

After 20+ years of buying, selling properties and having several tenants from Hades, I wanted to share a couple of thoughts.1.