@Nicholas Lohr While I agree that you can operate without LLCs for a time, you need to also recognize that you are investing in one of the two highest litigated careers in the US.

Hi Folks,Disclaimers: planning to live in Brooklyn for next 10 years, recognize that its an equity play, not a cash flow play.

I thought CO does not recognize series LLCs... 

Generally speaking there are 2 main types of loans for investors: “Conventional” and “Portfolio”Conventional - I'll define these as loans that come from Fannie Mae and Freddie Mac (if you recognize those names).

Please recognize though that I'm not familiar with Cleveland's market. 

There are always opportunities for those who recognize them quickly and have realistic expectations. 

IF you are not willing or cannot do this, go to the track and bet your money on any horse. 2. call everyone you need to involve in a full circle deal and calculate what the costs are. get at least 3 quotes. 3. input those costs along with your spreadsheet model and your mortgage model. 4. make a decision based on "risk free rate of return" or what you can get with an alternative (reit, funds, mutual funds, gov. bonds, etc) add in your time billed at what ever you get paid (before tax)  add that time estimate to the cost. 5. recognize that you cannot go bankrupt buying a REIT stock but you can go belly up if you real estate purchase gets out of hand. 6.

I recognize that it would have to be allowed contractually, but is this a strategy that anyone has used?

I recognize I am coming off as extremely opposed to risk, I'm not. 

You'll recognize it.Make sure to go see any out-of-market property, so many times people don't visit out of market properties, which to me is a mistake.