It sounds like you'll have well over $100K into it, between down payment and closing costs - is that accurate?

One cost to consider is downtime.

The rentals are paying the holding costs on it so far (taxes and insurance are high in this market).

This is low-hanging fruit for AI, because there is no physical work.

Cap rates, location, and understanding the cost per door alongside your mechanicals and capex is going to be key when buying multi-family. 

I will have access to ~1M in cash for down payment and closing costs (I would also have reserves, separate from this capital).

@Tricia O'BrienI spoke with Chrissy from Moxie today, she said all the right things, 300 properties under management, team of 4, online payments, low fee for placing residents and reasonable monthly fee.

Abba sorry to hear that. 1.5 to 2% return is very low for a retail center.

The recording can typically be executed within 2-4 weeks of closing with the title company, there is a typically a cost associated with the recording.Any similar experiences or cautionary tales regarding the use of an LLC for an investment property or STR acquisition?

You can trying getting a HELOC on one of your property (best on primary) then you open a line of credit to use those funds to cover your rehab costs.