It all depends on your location and service.

As you said, this allows you to track LLCs (locations) and properties (classes and/or customers).

Quote from @Chris Strausbaugh: I'm located in Pennsylvania. 

This will help to reduce the premiums.Self Storage – “Company” Liability/Property insurance.Below is a summary of our Storage insurance for one location for your information.

That was just one of my properties and I now have multiple in different vacation locations.  

The real estate investing industry uses "Classes" to rank property performance risk, but there's NO agreed upon industry model:(Here's what we use for our Metro Detroit market:Recommend you first figure out the property Class you want to invest in, THEN figure out the corresponding location to invest in.Property Class will typically dictate the Class of tenant you get, which greatly IMPACTS rental income stability and property maintenance/damage by tenants.If you apply Class A assumptions to a Class B or C purchase, your expectations won’t be met and it may be a financial disaster.If you buy/renovate a property in Class D area to Class A standards, what quality of tenant will you get?

While you building your score you will be looking for land to buld a home on and jerome will be telling you how to go about finding best location to buld the house the best criteria  to use to pick that locTion and thw price point you want to pay.

In a market like Kansas City you can get $150 per month cash flow on average with the right multifamily property and right location.

Ask your brother what his BAH is for his rank and location.  

You'll get a feel for the age of the neighborhoods, the vitality of the commercial buildings, the ease of location, the closeness to jobs.The markets you're describing are more linear, and usually have lower capital appreciation.