Pros- full freedom and doesn't require custodian - not subject to UBIT tax (which can be 37~50%)- better protection with LLC especially with investing in turn key propertiesCons - high setup fee (eQRP can cost $5000)- might require self employment income (not including passive rental income), but there is workaround with eQRPI think high setup fee can be justified even for real estate syndication deals because it allows to avoid high UBIT tax. 

My partner and I are looking to create a portfolio of long term rental properties to create freedom and independence from our W2 jobs, and create a foundation for generational wealth.

That being said, my goal is freedom and appreciation does come into the equation as well.  

New to BP but looking to get started in my journey to financial freedom.

We're very excited to begin on road to financial freedom.

Hi BiggerPockets Family!
House hacking isn't just a strategy; it's a financial game-changer.  Have you considered how living in one unit and renting out the others can essentially let you live for free?
I'm fascinat...

My wife and I won't be able to afford a house on our own, much less one that will have an ADU for my dad, as he would most likely want some amount of privacy and freedom and not just a room in our house.

I'm sure that would be ideal to give you a place to stay between assignments and give you the freedom to take travel assignments anywhere knowing that you can rent out your space. 

@Carlos Valencia @Albert BuiHi Matthew,so my objective to is continue on the path to financial freedom through acquiring property.

Using a “primary” to cheat code wealth creation through the live in flip or house hack approach is a great way to get started, but if you just buy a primary and finance the limit of what you get approved for, you will find that primary an anchor dramatically slowing your roll towards financial freedom.