I will end up doing the math but it seems like a HELOC + old mortgage payment may be the way to go if the numbers make sense.

If the properties you're buying are all in one state, forming your LLC in that state makes sense for convenience and cost.

My most common interaction with them is typically taking over their management contracts, however.

Makes sense, because if someone is searching for that and you have 4-5+ bedrooms it wipes out 90%+ of the competition in most markets. 

Yes, that makes sense.

If it does not make sense from a cash flow perspective I say pass.

A few neighborhoods that are a tier below the west end and that would probably make more sense for you when running your numbers would include Montrose, Chesterfield, East Highland Park, Colonial Heights, and Sandston.

It would be easier (i.e combining capital) and nice to have a common goal but I’m not sure if it’s advisable if my spouse’s mindset isn’t as investment oriented

Seems like there is a lot of aversion to which makes sense since they seem to be a very nuanced asset class.

I hope this makes sense, but if it is a little foggy (and may be how I am explaining this) listen to episode 117 https://www.biggerpockets.com/renewsblog/2016/06/0...