Has anyone else solved this issue by using some sort of insulation you can put between the joists in the ceiling to minimize the footstep/moving around noises you inevitably hear daily? 

The issue is that a train track runs behind it and the vibration is horrible (literally feels like an earthquake day and night).

I personally view it as a liability protection issue and base the decision on my costs to have the LLC versus the equity contained within.

My suggestion here is for you to not advise home on any tax issues. 

And best of all, because of this reason, I’ve never had an issue with collecting rents or vacancies thanks to the location.It really comes down to the location, the team you assemble and your research. 

Why would anyone want to deal with tenants and all the issues? 

The 5 year proforma by DEFINITION is based on a whole slew of assumptions about a whole host of issues in the future - national economy, local economy, interest rates, cap rates, rental rates, political and geo-political factors.

ALL of these issues can happen locally as well for sure, but if you learn locally the lessons are generally not as expensive. 

Although it has its issues like all big cities.

Single might not have as much cash flow, but multi family properties create more potential for issues since there are likely multiples of everything (furnaces, hot water heaters etc)-what property class are you looking for.