Would I be correct in thinking of it that way?

If there is a shared space make sure it is clear who is responsible for maintaining it.

She has been making mistakes sending the bill for premiums to the correct mortgage companies as well.

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

If you were to buy a “basket” of real estate diversified over our entire country, then yes, you’d be correct.

The downside of trying to get a mortgage after you have a rental is that you can't walk into any bank because they do not understand how to calculate DTI correctly. 

In my experience, they use their own judgement of what is right and fair over legal correctness in many cases.

Yes, what you wrote is correct.

It could be a great resource to make sure you’re evaluating the property correctly!

Creating these complex structures from what I have experienced only costs me time and money and potential issues down the line to make sure documents are signed by the correct people and entities etc.