This will eliminate 3 and 4 unit properties in most expensive markets. 2 units will still be good to go. 

I agree with Chris Seveney that seller financed notes will be a dangerous note to own because they are overpriced.Government policy is quickly showing that it wants to eliminate small real estate investing, e.g. the law in Illinois that requires a realtor to be part of ANY transaction, thus curtailing creativity and raising costs.

For those of you that are not familiar- digging a well can effectively eliminate your water bill.

Them paying cash eliminates the big roadblock I saw. 

We will both have over $25K each before making our purchases, but hope that first time homebuyer programs will eliminate our need for a down payment and reduce or eliminate closing costs. 

Hi, I am working on my first property and have a conventional loan, which means my current LLC cannot "own" the asset, which I'm assuming eliminates protection the LLC would provide.I've seen other threads from years ago, from other states, so I'm hoping someone can provide any guidance on whether it's worth it to continue using the LLC or dump it and keep it all "personal". 

If I remember right there is also a limit of 3 in 12months....and all the ways people think they can work around this were eliminated from what I understand....trying to do 3 in Mr. name and then 3 in Mrs. name and 3 in an LLC and 3 in a different LLC....don't think that works any more.

Then, I want to owner-finance the sale of the property (deferring gains, recapturing some capital through the down-payment, eliminating my responsibility for maintenance).

You are never going to eliminate it so you need to mitigate it.

At this rate, I am barely putting any money in my pocket, but my housing payment is completely eliminated and I am able to set aside $585/mo for vacancies, maintenance, and capital expenditures.