So I guess the debate is Chris' vs.

because that is what we are debating

Even though you want to avoid political debate, the issue is completely and entirely political.

Same goes for number of LLCs and what to fund them with, since bear in mind that CA tends to be more cumbersome and expensive to have LLCs than other states.Any lawsuits should be limited to the assets of the LLC and not your personal assets (assuming you run the LLC appropriately and the corporate veil is not pierced, some debate as to SMLLC).

I would think the real question is the age-old debate about transferring to an LLC triggering the due on sales clause.... if your interest rate is good, you may actually face some risk these days as lenders look to get the low interest rates of their books. 

The reason I debated option 2 and 3 is because I figured owning a relatively inexpensive condo might work out financially similar to owning a 2 family home and renting out the other side.

I've read all the debate on carpet vs non-carpet flooring and most of you all side with non-carpet for durability and maintenance. 

We are closing on our first duplex in Elgin Texas in August and debating on renting out the other side as an Airbnb.

Thank you Brad and Lee, good to hear from both sides of the debate, appreciate the feedback!

I was debating of buying several 2-4 unit properties instead of just 1 larger 20 unit.