A failure to pay the tax could mean that a 401(k) plan is making loans that are not adequately secured, creating the {possibilities} for both prohibited transaction issues and operational failure issues.

Is the driveway adequate for off street parking?

I think you should always think cashflow first - I would need a better sense of expenses vs profit to adequately answer that question of which one is better. 

I have spoken with some local attorneys/investors who find the lack of case law to be problematic, although I wonder if the reason they don't support the Series LLC is at least partially because they have experienced adequate success using multiple traditional LLCs and thus don't find it necessary to change or fix what isn't broken.For simplicity's sake, I would prefer a single member Series LLC (the family members providing funding are okay with this) - however, I worry about how single member LLCs are treated when it comes to asset protection.

However, I haven't been able to comprehend how a long term buy/hold investor would be significantly negatively impacted by fluctuations in the market...assuming of course that you have a property with a tenant that passed your screening criteria, you adequately prepared cash reserves for repairs/maintenance and cap ex, bought your property with a fixed mortgage, and essentially took the processes advocated for here on BP, I don't see how a long term buy/hold investor for rental properties would get burned?

I hope I'm not sounding like a jerk but if you're getting mortgage lates but the recovery took less than 12 months you (almost by definition) didn't have adequate (personal) reserves to start. 

In other words, I’m not sure if the one-time-per-month late fee is adequate.

The only negatives so far that I see is that parking is not abundant,  but adequate and there is one vacancy which has interest but the current owner has been holding out for something other than a nail salon or supercuts which are both interested.

The very minimum you should have done is insist on adequate collateral.I mean it really looks to me as he took his profit up front, walked away and left everyone holding the bag.That is not treated as illegal by our wacked out, leftist legal system!

They quoted me for a regular fire policy with more than adequate building coverage, stated that building materials on site would be included in that coverage in case of theft, and deductible is $1000 for all covered perils.