in my local area due to a flood of requests and complications from a new computer system at the permit office

The owner occupied units are scattered throughout the complex so, there is the complication of shared maintenance costs.

And once the magistrate hears the term, "equitable interest", you're sunk as he lacks jurisdiction and now it must go through the judicial foreclosure process before you can evict. 

It could add debt or complications to title.  

@Wayne Brooks  this whole new genre of folks buying bad paper is just so perplexing to me.. who talks them into doing this.. these are the most complicated transactions one can do.. and you get post like these form people who have no clue.. they should never ever have done this in the first place.. and I will bet dollars to donuts the house in Detorit is destroyed and is one of those 500 to 1k houses you see being marketed and they probably owe 5k to 10k in back tax's and a 3k water bill LOL...

So be aware, that can happen.I found that while creating an LLC isn't that complicated, getting financing through one IS VERY COMPLICATED.

While it does cost money to create and maintain as Rob mentioned above (it's not too expensive in the grand scheme of things...prices vary depending on the state you live in) - state filing/annual renewal fees, paying an attorney to draft your operating agreement (this step isn't necessary, but if you want to avoid issues down the road, it's a sound investment), makes taxes more complicated, especially if there is more than one member - it's well worth the money in my opinion. 

I have considered the self directed IRA but the reinvestment rules get a little complicated.

The takeaway so far is, the "average" that you think you are looking for is a more complicated set of ideas than the initial question allows.  

I obviously over complicated it.