Pros include securing the desired property and strategic planning, while cons involve higher costs, financing challenges, and complexity.

For instance, one property seems to have an extra bathroom that is not listed in the county records.I plan to make some modifications, including removing a closet wall to expand a bathroom and taking out a kitchen island that contains electrical outlets and a switch.

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Should each property be allocated its own LLC, or should one LLC contain all properties? 

Here's a https://www.irs.gov/businesses/cost-segregation-audit-technique-guide-chapter-4-principal-elements-of-a-quality-cost-segregation-study-and-report to the IRS website noting specific items that are included in the cost segregation study report. hmm, that website is a 404 error.  

However, strict IRS regulations apply, including prohibited personal use and mandatory income and expense management through the IRA, with penalties for violations.

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Based on the above is my understanding correct and the 45 day identification period and 180 replacement property purchase period (which includes the 45 days) both extended?

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Were the entry and exit points contained within an overall bull market?