As others have mentioned, there is a personal aspect to doing it this way since it involves yourself, spouse, and possibly a family. 

If the IRA fails to pay property taxes or insurance bills - you are then personally responsible, which would be a violation of the IRS rules. 

Our personal  house had previous work done but the piers were poorly done, and we noticed dry wall cracks and tile floor "separation"  about 2 years back.   

You will need to allocate the expenses between the personal and rental portions of the house.

Personally I’m having a hard time coming up with Cons, and that the Pros greatly outweigh them.

Also, I would personally get rid of the dishwasher as well, 1 less liability to worry about.

I personally hear from tons of people who think the market will come down, due to the struggling middle class and the fact that it will get worse.

That means, your personal home, and 2-3 investment properties.

In CA, generally, if a tenants dog gets out and attacks a person or pet by way of landlord negligence, like through a broken window or faulty door, then you the landlord could be held liable.

I think we charge about $50 per application for every person over 18 years old.