Only drawback is city POS and higher taxes.

Rearview mirror hindsight is a great mentor, and although I don’t regret doing it I realized sometime later that the drawback of recasting is I ended up trading fluidity for equity.  

Own your own corporation by Garrett SuttonIt's a richdad book.Great breakdown of each type of entity with benefits and drawbacks of each.Jeff V

My drawbacks are that because it's so new it could still be a serious risk in losing money, there's no guarantee the school systems will turn around once built out, and it has high HOA fees. 

What were the benefits and drawbacks of being a student of his for the Note Business? 

The drawback is if you want to split the properties up later to sale. 

I know I'll need to make sure the insurance is adjusted to the LLC after the rehab and deal with any recording fees that take place due to the transfer, but I don't see any other draw backs from doing it this way which will give my company at least a decent start to building a good reputation.Any thoughts on what I may be missing in my strategy I've explained above?

It does look like it has a few drawbacks in form of added costs/fees but is definitely a good candidate to start my portfolio with.

Some of the drawbacks are the costs (initial licensure, yearly state and national realtor association dues, and perhaps broker expectations depending on your broker). 

That is a draw back if you like the modular company but no the GC.