Too many unforeseen expenses the greatest of which are the HOA fees.

IM not saying to not put your rentals in an LLC because this is not biding advice, plus I am not familiar with your own personal economic facts and circumstances, all of which come into play.

However, as an insurance agent that's dealt with this issue from a risk management point of view, as well as claims point of view, I would suggest these items below as being prudent, and what my clients tend to do to protect themselves in similar circumstances

Absolutely, under no circumstances, are folks allowed to live in Self Storage Units.  

In a space like real estate where there challenges, variables (seen and unforeseen) natural thinking can be a useful way to overcome and grow.

I do not allow subleasing/subletting under any circumstances.

Let’s say it’s not assumable, what are my options without possibly going the seller financing route and not being able to refi it as planned due to some unforeseen legality? 

There shouldn't be any circumstance that “A Class” investors would be responsible for making management decisions of the fund, and, therefore, under no circumstance would a judge find the “A Class” investors liable for decisions made during the fund’s performance.

People have extenuating circumstances. 

Many counties/states (including Multnomah County in Portland, Oregon where I recently sold two properties) are not landlord friendly and create a lot of red tape in circumstances such as when a tenant that isn't paying.