I wouldn't want anything commercial mixed with rental.. to much foot traffic, Laundromats are huge utilities to run and to keep up with mechanical fixes.. and lots of stupid sit in and wait traffic.. big drug potential unless you have a staffed location.  

., because it is a full reno with all new mechanicals and roof, I set my reserves at 5% each.

That means find a house where there aren't going to be any hidden issues with very expensive things (i.e. foundation, roof, mechanicals), and get a good inspector to make sure they agree with your assessment before buying.

The ongoing operations will be my husbands baby (he's a mechanic by trade and has experience with car washes), but I'm very much on board due to the cash flow and long term investment aspects. 

I would like to draw on my background which includes a bachelor's degree in Mechanical Engineering, control system design, sales and proposal writing.

The LLC is simply the reporting mechanism to record the property's sale and to determine how much of the the resultant tax gain from the property's sale gets reported to each LLC partner/member on the Schedule K-1 issued them by the LLC.The partnership should receive the sales proceeds (it presumably made the sale - correct?) 

Builders warranty is also something that looks great for an investor. 1 year covers materials and workmanship2 year coverage on all mechanical/ electrical and plumbing 5 year leak protection internal or exterior infiltration 10 year structural Love to hear thoughts on buying new construction?

How you ultimately financed it, upfront when you purchased it (or how you might refinance it later) is irrelevant.Just do a simple search on the internet for depreciating rental real estate property, you will find a virtually limitless number of sources that can explain basic depreciation mechanics - its not rocket science.

While the mechanics are easy, the repercussions can be significant.

Given that you clearly have a good grasp of the mechanics, I agree that if the value is peaking and you'd eventually just have to re-buy the property from the government, holding on to it long-term is maybe not the best course.