Cons are expansion/contraction and damage from moisture. 

The difference in the two is the amount of moisture in the crawl space.

Also other signs of moisture like bubbling or cracking on paint.

The white on the redbrick is a sign of moisture though. if this is interior then I would recommend the drylock and perhaps a dehumidifier. though you could ignore this for 20 years and be fine.

(Depending on how you are structured and if you get a personal or commercial umbrella, that excess liability protection can also apply to auto, home, and general business. 

Besides, in a shared space as you've described, you can reasonably expect the residents to "self-police" excessive use by any of the others. 

However, if you have non-paper losses and excessive write-offs, that will negatively affect your DTI and prevent you from purchasing future properties using conventional debt.I'm not a mortgage professional, so talk to one to get the exact details.

What I'm not sure about is the situation where a tenant does leave the property, but the property in a poor condition such as filled with trash, or excessively dirty, or in need of repairs and the like. 

The 3rd is a brokerage account where I keep excess cash and invest hoping to grow and buy more. 

However, you can prorate what you receive and apply the excess to the following month.