As I have noted in another thread, the number of individuals who post on BP about the Huntsville market that have zero experience investing or managing properties here has accelerated recently for unclear reasons. 

Throughout the year I come across situations where people need to sell there home due to a variety or reasons, job loss, income loss, health, divorce, etc.

The reason is that the parent LLC does not own any real estate itself—it simply functions as a management entity.

The LLC aspect is more for liability reasons if someone was going to sue you (so maybe you create the LLC when your son moves out).2) Like #1, a separate bank account will make it easier to track, but it's not required3) No, he can't also be the property manager.

For various reasons, I think most areas will see appreciation only keep up with inflation (that is, their real appreciation will likely stagnate).

I don't see any reason why this wouldn't be an acceptable solution.

This assumes that your first property makes $0/mo (or that you're saving $0/mo for whatever reason.)  

I'm not motivated, but the homes needed work I didn't want to do or I did if for strategic tax or debt shell game reasons.

Looks reasonable to me.

Insurance costs I think were predicted reasonably.