What do their vehicles look like (clean/trashed/etc)?  

A better question might be, why am I investing in an After-Tax vehicle that I can't touch until I retire instead of investing my money in something that I CAN CONTROL, and that also defers capital gains tax (via a 1031 exchange)?

I need to understand your question better about that, an RV and mobile homes are treated as vehicles in Florida, so you wouldn't have a mortgage.

Having said that, the LLC isn't the primary vehicle that offers you protection. 

You may decide that a rental property is the best asset/vehicle, or you may do research and decide that something else is the best for you.

They are reporting builders intend to incorporate into their projects a for rent component to either sell to institutional investors (see my comment below) or manage themselves.I'll also add anecdotally, I'm of the opinion that many of the hedge funds who built portfolios of SFRs  during the not so great recession and still have them on their balance sheet today will seek ways to continue to participate in this asset class by creating ownership vehicles that they can either retain, participate, or manage instead of exiting.

You can't drive an apartment to work.An older, well maintained vehicle speaks more highly of the owner to me than a new car with new tires and wheels.

@Charles WorthThanks - where my head was going was wondering if there might be a market for a "fund of funds" like investment vehicle that provides investors access to a diversified portfolio of these kind of real estate syndications  (both diversified across assets as well as managers/operators).

The renters used my backyard as a small junk yard so it has vehicles, motors, tools etc.....Once they moved everything they wanted out of the home, they turned over the keys and I gave them $200 and we changed the locks.

Work your quantity up as you get more experience.You may not know this, but Life Insurance is seen as an asset and can be used as an investment vehicle like your own house.Owning at least 30 units at a one location can usually afford a property management company.