@John Michael Rico When you say you will still cash-flow from renting 3 of the units, did you you take into consideration setting aside money for repairs, maintenance, and capitol expenditures?

I had not yet taken that into consideration.

You make great points about the tax considerations.

A couple things for consideration:- I've installed keypad locks on all my rentals.

One of the things I would take into consideration would be maintenance costs so a 1940s property makes me question the age of the plumbing and electrical, two of the most expensive problems to have.

At every stage of the process they take a considerable amount of my time.

The consideration for whether or not to hold properties in an LLC is purely a legal liability decision and, because I am not an attorney, I am not qualified to render a professional opinion on this topic.The arguments for and against holding property in an LLC on BP alone are innumerable and can be found utilizing the search functions.

RO has seen a considerable run up in prices over the last few years.

I like to recommend to single or young couples that your first property consideration should be to multifamily.  

Ceiling was only 7 feet high so he needs to dig over 1 feet concrete and to make it to legal height.