The downside is no liability protection but you may want to get a liability insurance to cover all 4 of you if you choose that route.The impact on taxes will be the same either way as an LLC is a pass-through entity.

There could be no legal restriction yet there might be a tax or liability impact.

I wanted the real estate community and industry that has been so good to me over the years ..I wanted to get a vehicle were we can make a direct impact on a hero's life.. without all the overhead most charities need to survive this is just a group of Real estate lifers giving back we are all donating our time and we put in the first 10k..

Lots of things a new tenant would consider and they may make you deliver a "clean" property (no environmental issues) with no tanks anyway depending on their brand, so lot to consider. 

., never would i have thought that the "corroded Driveway"or "drainage" would impact me.

If rents (minus a 5% vacancy) still cover your PITI expenses, then the loan would be approved (obviously with a bigger impact to your overall cash flow). 

Your credit score can also have a big impact on the number of points you are paying. 

The large apartment complexes have had a negative impact on SFH and small MFH properties by stunting the growth of rents.

Make sure you don't do anything that impacts your credit downward.

Also I included Capex I was just experimenting with numbers and left out when trying to determine how it would impact inf%.