What I often see being a mistake is people ordering a cost segregation study before speaking with their accountant to see if it would benefit them on their return.What a cost segregation study does is analyze a property further to identify assets that be classified with a shorter asset life than 27.5 or 39 years.The issue when getting an 'estimate' from a cost segregation study company is that they are not accountants(more specifically not your accountant).

More specifically, I’ve been looking at 3 bedroom townhouses versus villas (word used loosely) in small developments.

Is there a particular site thats good for searching multi-family specific?

What was the outcome?

If you think they are dealing you need to make the late night visits uncomfortable by dealing with any specific lease violations regarding quiet hours.   

Replaced almost everything What was the outcome?

(This is a general statement not market specific) Condos have a lot more to deal with that TH/Apt, these two are pretty cut and dry compared to Condos. 

Is there any specific value - or downside/risks - to deeding the property to the LLC? 

Also if there are any specific zip code or neighborhood in Memphis which are more preffered for short term rental than other zip codes?

I’m happy to go over specifics with you if you like.