The garages are also separated and locked.

I would argue there are two separate markets, real estate and the job economy. 

My attorney recommended it to create another layer of liability.Would the SPV need to file a separate tax return?

Basically, if I self manage I deserve to be compensated for the effort and this compensation should be separate from the return of the investment.Good luck

Other strategies include... finding a way to split a single family into multiple separate living spaces (The main floor, and basement. or converting a garage, or an existing ADU), Short term rentals (just be careful with city regulations), or furnished mid-term rentals (Travel nurses, or other contract-based workers).

It allows two parcels to be separated and sold separately and is required in this situation.

And in setting up all the paperwork, I'm wondering what are the pros and cons of having one bank account for all properties vs. having separate bank accounts for each. 

I do have two separate budgets of what can be done for $50k and what can be done for $105k. 

Unsolicited advice, but consider the tax implications with this.You may be able to take capital gains tax free from your personal residence.If you rent it out for certain period of time that benefit goes away.Consider taking the capital gains to buy separate rental property.Either way, definitely use a PM or Realtor if it's your first rental to get the proper background checks, paperwork, and highest quality tenant.

The terms of the contract are as follows: A separate contract for each duplex @ $100K each, I have 90 days after the death of the second spouse ( the husband passed recently) to purchase any or all the properties.