An entity is like a tool to shed water, ie a poncho and an umbrella, both have strengths and weaknesses...At the end of the day, unless you like walking around smelling like a dog in a stinky wool sweater with shoes squeaking from within, you will elect to form one or the other.  

Are there any glaring weaknesses to this plan?

Every market has its strengths and weaknesses.  

It rewards bad behavior and makes you look weak, which typically results in the Tenants abusing you a little more on the way out the door.

I know this is a weakness of mine, so hiring a PM helps to ensure protocol is being followed and I don't end up losing $$ by cutting too many breaks.2.

Texas as we know has huge job growth but they have BIGGER supplies of land.. so it can and will get over built.What your describing on the front range I would not see any major weakness but I am not intimate with that market..

The tenant advocates in Portland have been very vocal and negative on the proposed bill, because they believe it is very weak.

Maybe they do, but then again maybe they don't.Clearing your debt will give you (and more importantly your wife) peace of mind, allow you to qualify for a mortgage easier, and in a few years time will allow you to begin investing from a position of power, rather than one of weakness.  

If you could forward me the info when it comes up I would appreciate it.As for the Eagles, it maybe too little too late but with the NFC being weak, minus a few teams, they might sneak into a Wild Card.

I agree that some tenants are chronic complainers and will make your life difficult no matter what you do.