I am debating about the converting the existing old gutted building to either multifamily building (6 units each around 500 sqft small studio) or mix of 4 residential and 2 retail/restaurant conversion (the back side of the property has Big enough lot for outdoor dining or any other use cases.Any recommendations for use case of pure multifamily or mixed of multi family and retail?

You also want to make sure you have Replacement Value so that if anything catastrophic happens you can rebuild.

From a pure liability standpoint, is there anything stopping you from QC'ing the rentals to your LLC?

The local casino just replaced free charging with 50c/kwh (4-10x the home price.) when they figured out people were just leaving their car there to charge while they went home.

When you go to buy a new set if you have budgeted for it, you can smile and know you got 50% more out of those tires even though you now have to pay a big chunk of money to replace them.

Twenty years ago I purchased an old car dealership at auction in Bryan, Texas for about 10% of REPLACEMENT value.  

Due to the likelihood of needing to replace AC and/or furnaces in the next 5 years, there will probably be another year or two of near zero cash flow at some point.When I bought these houses, the neighborhoods had a lot of rental homes, but were still desirable affordable neighborhoods.

Completely renovated main level:* Demoed and redid kitchen with new appliances* Refinished floors and reglazed bathroom* Replaced the roofComplete demoed and finished the basement and landscaping* Replaced half bath with full and added 2 bedrooms* Replaced entire plumbing including sewer line* Added second washer dryer* installed stamped concrete patio and walkway plus fence* All new landscapingWhat was the outcome?

Your "goal" right now is to replace your income, but you don't know enough about investing and the risk is too great.

Financial freedom goes beyond simply replacing your current income—it's about sustaining your lifestyle for life.