Many in single LLC though do it in a way to make their lives simple, For Example 123 Main St LLC  etc.

If you are new to this type of investing, I suggest you pick up a copy of Lend to Live: Earn Hassle-Free Passive Income in Real Estate with Private Money Lending published by BiggerPockets.

Any suggestions on how to connect with experienced investors or professionals?

First thing to understand, St Cloud area has a significant % point of rental units too ownership far above state average, with that knowledge at hand know regulations were far more relaxed for some time, and than a few persons came into the market and took advantage of that freedom and in short created a situation that forced the city into action, it's just that simple.

@Meg Melodyconverting 5 units down to 4 is simple ... combine 2 of the units into 1 and VOILA!

Would you suggest refinancing or saving to purchase my second property?

What language do you all suggest a PMC use in their management contract to protect themselves from these issues?

I would also suggest that you start to build a team of advisors that can assist you.

I would like to hear your suggestions and advice! 

If anyone has any other suggestions I’d heavily appreciate it!