From a legal and liability standpoint, it is imperative to keep all three properties in separate LLCs and to keep the accounting separate as well.

@Jeff StevensonYou really should consult a qualified professional or two, specifically at least attorney.So far, your lender is correct that legal entities, such as LLC's, are not eligble for conforming residential loans. 

He even had former employees hire the contractors, so when he didn't pay them, they couldn't sue him but ended up suing is poor employees.He has bragged about never being able to be traceable because he sets up his LLCs in such a way he can operate without legal ramifications,This man has no moral compass and has stolen the retirements of so many people.He did all of this so he could fund his new syndication business MENACE CON, with his other partners Nicholas Trevillian and Jason Von Payne...

As a second home, we have zero complaints in owning these properties. 

For information about the legal implications of syndication investing and structures. look at Mauricio Rauld, a recent video:How to Become an Accredited Investor | Updated 2024 (youtube.com)5. an obviously read all the threads on the BP thread for syndication investing under forums/real estate strategies/ syndications etcgood luck

I know some people that have property free and clear don't care if they lose it and only carry liabliity insurance to protect against accidents on the property, medical or legal bills, etc.Do I have no other recourse but to carry full coverage?

I wouldn't seek legal advice like this on here.

Any legal or logistics barriers that I should look out for??

Existing tenants claim that they are generally happy with the property and don't have any complaints or repairs that they've requested and they've just renewed their lease 2 months ago.What I like about Hemlane- Cost: Even at the most expensive package offering for full repair coordination and access to a network of service pros, its still cheaper than the property management companies I've spoken with.

(Unless specifically specified by statute or legal agreement, both of which are unlikely).The court doesn't always look at the "letter" of the incident, they look at the intent.