Disadvantages.....1) inheriting possible liabilities2) you also acquire the current, depreciated basis of the real property (not the price you are paying foe the llc) which will affect your depreciation and capital gains when you sell the property.

Property taxes and insurance are also going to be specific to a given property.All this to say, you can get a rough idea of your max purchase price, but your lender would need to evaluate on a case-by-case basis for approval.

Every day we get 3-4 calls from people looking for rental houses/apartments/trailers. 

If future appreciation is high, risk is seen as low.As with any rule, it is very important to understand the basis for the rule, rather than just blindly applying it.

It's true and I see it everyday in my market.

After that and all other expenses you split the remaining profit on that 67/33 basis.

This is your adjusted cost basis. 

I have been listening to podcasts just about every day and reading multiple blogs and articles a week. 

You would also get the step-up basis for more deprecation. 

Your basis in the old relinquished property would have been divided into the three replacements equitably.