But the basic economics of supply and demand dictate that prices weren't likely to do much but go up for awhile.

The common area language should dictate that personal items are not stored in common areas, it may also address maintenance of those areas, but you will need to amend it to address outdoor furniture and grills. 

The living trust would then dictate who would inherit the SMLLC and the interest in the property when you pass.

My region is experiencing a glut of sellers who think their property is worth much more than the numbers dictate.

check with your insurance agent.. also federal law dictates that when your owner occupying your 1 to 4 unit you don't have to follow the normal fair housing laws.. you can pick and choose who you want to live in the units .. now some cities or states may have overriding rules regarding this.. but federal law is clear.. on owner occ 1 to 4.. your exempt from fair housing.so you can have a dog and you could restrict dogs for others.there is a well known list of aggressive breeds that insurance companies wont insure.. this is easy information to get.

Any of the suburbs should be good candidates, the school district tends to dictate the desirability.  

Often the property income is going to dictate the loan to value and lenders usually have minimum loan amounts for 5+ unit properties as well, anywhere from $350-500k minimum is common. 

I am not aware of any state with a law that coerces the owner to be held hostage to markups and materials price gouging schemes dictated by the contractor.

For your next tenant, your only "reminder" to pay rent should be a 3-day rent demand notice posted on their door (or whatever local statute dictates). 

They are dictated by the market conditions.