The disadvantage of paying down/off your mortgages is that the cash is lost.

The greatest disadvantage you have with the property as it stands is the amount of dead equity. 300K @10% return is killing your cash flow to the tune of $2598/month.

What are the advantages/disadvantages of residential vs. commercial loans?

It’s all dependent on the contract language, and state law if the situation is not properly addressed in the contract......one of the disadvantages of most of these “simple” contracts.

You hop in your car, pick an area of town and write down addresses of homes that catch your eye (boarded up homes, dilapidated homes, high grass, notices on doors/windows etc)All in all, each strategy has its advantage and disadvantage. 

I don't know RV's but if everyone else offers all inclusive, you may be at a disadvantage if you want them to setup service themselves when the park down the street lets me pull in and hook up while your park makes me jump through 10 hoops. 

I am interested in obtaining my real estate license, and I was wondering if there were any disadvantages to doing so.I plan to purchase 3 homes over the next year or two in addition to selling 2 homes.I'm not interested in becoming a full time real estate agent. 

A tax disadvantage of a LLC is that members are taxed on their distributed share of income even if they haven't taken the distribution.

He did point out some potential disadvantages of purchasing RE through this account--no mortgage interest write off, no depreciation, higher interest rates, larger down payment--that of course I wouldn't suffer if I bought properties in my own name (instead of the 401k account).That put a bit of a damper on the project, since it would be a lot easier for me to fund purchases with my IRA money (no limit on properties, no debt/income ratio issues, plenty of funds sitting around as someone who is 50 and has contributed regularly throughout the years).

Not sure about the legality of this in my area (not an attorney and no legal advice given or intended) BUT I know this is a violation of my MLS's rules.Know the rules and use them to your advantage and your opponent's disadvantage.