I'll leave it at that.Your last paragraph further reinforces that this is actually a multi-member LLC and not a single-member LLC as the "investors" are obviously being treated as equity investors (aka members) and receiving a flow through portion of the LLC's profit and loss."

Those City employees seem to try to be helpful if you treat them well. 

I’d prefer to get a good deal on a fully occupied property, at or above market rate rents, with tenants that are amazing and treat the place like they own it.

I’ve spent the last few months learning a great deal, and have done roofing, vinyl siding, painting, and deck building in the past.Does anyone in the Washtenaw county, MI (or surrounding) area have recommendations for what neighborhoods have treated them well?

When you dispose of a passive activity, any suspended passive losses are released and treated as if they are non-passive. 

It will protect you from accusations that you are treating tenant A different from tenant B who may fall under a protected class. 

If you want it to look clean: Install your house wrapInstall two vertical pieces of 5/4 treated decking board, trex, etc cut slightly smaller than the outside diameter of the boxInstall the panel on top of the blockingHave your siding guys install J channel behind the box and against the blocking.

As with anything, it's a learning experience and I continue to treat each turnover as an opportunity to tweak something in the system to make it better for my guests each time. 

Person 2 would have about a 725, person 1 would have about a 680 (assuming everything else is identical on their two credit reports).If person 3 had 5 credit cards, each 2+ years old, and had that $5k spread across them with 5 credit cards each individually at 20% of their limits, they would have a better FICO score than persons 2 or 1. 800+ range.FICO score treats their algorithms as a trade secret that I'm not privy to, the above is just based on me looking at a LOT of credit reports...

The idea is basically for tax purposes your rentals would be treated as a single entity but for liability purposes they would be treated as separate entities shielded from each other and outside entities.