The disadvantages to probate are 1.

The "corp-like" aspects make it very tax disadvantageous. 

@Joe Villeneuve - well for 1) the reasons I gave above, there's not all that much more equity to get out of a property once you take into account the additional costs to sell vs refi. 2) And that remaining equity is only not taxed as capital gains if you can successfully 1031 into a new property in the specified time period, and if the property you are selling is ONLY in your name and not shared with a partner or two 3) Being under the gun with a 1031 puts you at a disadvantage from a negotiating standpoint. 

In an attempt to be nice to the 'poor tenants' and 'disadvantaged' people out there - the powers that be with their 'tree-hugger' mentality, always end up hurting the very people that they pretend to try and help.

Ask me how I know.The type of RE you choose is a matter of taste, they all have their advantages and disadvantages, but there is no one type that beats everything else.

Since graduating I realized i was at a massive disadvantage to people who had specific training in business, Real Estate, operations, logistics or whatever...Being an avid reader has been a competitive advantage for me. 

@Steve LopezInvesting in real estate, especially rental properties, with your 401(k) is a significant decision that has advantages and disadvantages.

As a buyer, having your own agent doesn't put you at a significant disadvantage so I would go that route.

What are advantages and disadvantages of it.

(I don't know what I don't know.)Question 3: What are the advantages and disadvantages of forming two LLCs to accomplish the objectives I’ve stated above?