All of my LLCs have their own bank accounts, books, expenses, etc.But what else do i need to separate? 

Reality is that repurposing a tin can into living space is expensive.

This will really highlight those associations that are properly managed vs. those that are not, and those that are not are going to be a very expensive lesson learned. 

Fannie/ freddie have different guides on this, and i do see different lenders interpret them differently. for example, one requires you to OWN your primary residence in order to use rental income on the subject MF, the other will let you do rental income from your MF subject property with a "present housing expense" (rental housing expense being ok) so long as you have a 1 year + history of landlording (which it sounds like you do). maybe ask your mortgage pro if they are giving you credit for rental income from the subject property units?

NOTE: the largest builder in our state put them under contract for $100K per, then backed out saying there would be too much sitework and tried to get them for $75K each - they sold for average of $122K.7. 150% ROI in 18 months - no sweat...hahUnicorn, but certainly worth the work/trouble.It's just too expensive to build in most cases these days...this is one of my strong conclusions.Thanks for your earlier feedback!

However, two oversights have affected my calculations: (Both dumb mistakes I can only blame myself for)Higher-than-expected property taxes and municipal fees in University Heights compared to Cleveland proper.Overly optimistic rental income estimates.After adjusting for these factors, including property management costs and other expenses, the revised cash-on-cash return is about $12,000 annually, slightly over 5%.

They're more expensive but the underwrite is easier due to gross rents vs. having expense factors (like any type of normal commercial lender). 

And now rents will not suppport the expense of the asset. 

Most don't use toxic chemicals so I think your insurance should not be expensive.

We split expenses 1/3.