There were a lot of costs that we didn't expect like the plumbing had to be completely redone.

Sure don't do the renovation, I only do renovations that project a return of 2x the cost of the renovation.

I own a duplex in Clermont, FL just outside of Orlando and initially wanted to split water meters between the two units, but the cost and amount of work were higher than expected.

Cost of construction is expensive and about to get worse.

It costs roughly $100/mo but is well worth the expense.  

They have carrying costs.

I don’t have any horror stories but every time I go to run a check the cost has gone up.

You’ll put 5% down but get 2% back on sale (which might pay for your closing costs) and then do a rent by the room to cover your expenses and downpayment for next year) Not sure which university you are at but both Henrietta and South Wedge are solid places to start (serving RIT and UR respectively) Good luck, I personally think Rochester is a great area to start due to constrained supply with a growing population

And that can cost you time and money.

You are only adding complications and costs with the LLC with no upside  This is all assuming there’s been almost zero appreciation and you shouldn’t sell tax free while you have the chance.