Pros- full freedom and doesn't require custodian - not subject to UBIT tax (which can be 37~50%)- better protection with LLC especially with investing in turn key propertiesCons - high setup fee (eQRP can cost $5000)- might require self employment income (not including passive rental income), but there is workaround with eQRPI think high setup fee can be justified even for real estate syndication deals because it allows to avoid high UBIT tax. 

Our hospitals bring many people into the area, and we are going to see a tremendous increase in health care to take care of the 50,000 or more new residents that are projected to move here. 

My partner and I are looking to create a portfolio of long term rental properties to create freedom and independence from our W2 jobs, and create a foundation for generational wealth.

I'm sure that would be ideal to give you a place to stay between assignments and give you the freedom to take travel assignments anywhere knowing that you can rent out your space. 

According to the Fair Housing Act and the Americans with Disabilities Act:Even if a landlord has a no pet policy in place, the law does not consider service animals as pets and therefore the service animal is exempt from such a restriction.Service animals are allowed anywhere a person would go, including food areas that would normally restrict an animal’s presence.Landlords cannot charge a pet deposit or pet fee for service animals, however the tenant is liable for any damage that the service animal may cause.Landlords can require written verification from the tenant’s health care provider that they are disabled but cannot ask for any specifics about the disability.Landlords can require written verification from the tenant’s health care provider that the service animal is needed.Landlords can request copies of the animal’s health records to prove the animal is in good health, parasite-free and immunized/vaccinated.Landlords can write warnings or even evict a tenant with a service animal if the animal is disturbing others, posing a threat to others or causing considerable damage to the property.In other words, you can ask for appropriate paperwork concerning the tenant’s need for the service animal and to verify the animal’s health. 

That being said, my goal is freedom and appreciation does come into the equation as well.  

New to BP but looking to get started in my journey to financial freedom.

We're very excited to begin on road to financial freedom.

Hi BiggerPockets Family!
House hacking isn't just a strategy; it's a financial game-changer.  Have you considered how living in one unit and renting out the others can essentially let you live for free?
I'm fascinat...

My wife and I won't be able to afford a house on our own, much less one that will have an ADU for my dad, as he would most likely want some amount of privacy and freedom and not just a room in our house.