If you purchase over that limit, you just put 25% of the difference down.  

You can write off the  property tax (up to salt limit) and interest on a primary property.

I would rent yourself because; you are local and you know the area well.PM's are great for out of state investors or investors with large portfolios who have very limited time and resourcesUnfortunately, You nailed it on the head with "managing the manager..."

Simply put, there are a limited amount of PMs that will operate in the area, so I ended up with poor management.

I recommend learning your states laws and limitations around LLC's and working with some professionals in your area to help you determine your risk tolerance 

Some of the benefits are transaction speed, limited liability protection.  

So if your rate did go up it would limit you on being able to shop.

In addition to taking 6-9 months to close, they are also subject to (i) annual audits, (ii) annual REAC property inspections, (iii) recurring annual MIP payments on top of your interest rate, (iv) large initial deposits to the replacement reserve, (v) commercial space limitations to 15-20% EGI / 25% NRA, and (vi) less forgiving underwriting with 7.00% minimum vacancy rates when determining our underwritten NOI.

The general partner purchased each property for $18 million and sold it to the limited partners for $25 million.

My experience currently involves but is not limited to; breach of contract, embezzlement, coercion to include extortion and blackmail, and bribery from both lender and two NEW WESTERN agents.