The disadvantage is that your tenants will most likely become more of a friend than a renter.

Since I don't have immediate access to the MLS (& all its detailed data), I'm at a disadvantage from the start (I was reading of a guy who can tie up a property on his phone in an hour).  

The disadvantages of investing remote are numerous. 

As much as you can use lack of Seller sophistication coupled with Seller need for cash to your advantage, it does not mean the Seller is automatically disadvantaged.

Disadvantage: it's not cool just to use up all our cash, need to borrow more from a relative.Option 2, just get a SFH next and move into it, this can still be done using a conventional loan with 5% down.

Some great points here by Jay and Upen about how an FHA/VA loan puts you at a disadvantage particularly in a hot market.Your agent though should be helping you structure your offers to compensate for that disadvantage.

The disadvantage of the this coverage is that in a full loss or a partial loss, the company is going to deduct for deprecation. 

If we were to find a good deal in North Carolina, would it be disadvantageous to us to purchase that property under the Louisiana LLC?

If so, were there any advantages or disadvantages?

Advantages/disadvantages?