However, I recently began considering some of the potential disadvantages of debt-free rental properties, especially for a beginner real estate investor who can use the equity to build the business. 

You feel safe in Moscow, but there are socially disadvantaged areas where is a greater risk of being robbed.

Seeing as you don't have all your ducks in a row yet, that leaves you at a disadvantage.

Looking for advantages and disadvantages I may have overlooked.

The intent of this tax is to level the playing field so that taxable businesses are not placed at an unfair disadvantage when tax-exempts compete with them.

One big disadvantage in my area is owners pay w/s/g on multi's. 

In another words, what are the disadvantage of investing midwest states?

We do a lot of work in Jordan and Hawthorne, two most disadvantaged neighborhoods in Minneapolis.

Has anybody else done this and what are the disadvantages, if any?

Any disadvantage of LLC over owning individually?