They're not required for single-member LLCs, but it is best practice.

The problem is a gun just like any external weapon can give the person carrying it the false sense of superiority.It amazes how many people practice with a gun yet a gun is not allowed in a ton of places nationally.

The Federal Trade Consumer’s Bureau of Consumer Protection stops unfair, deceptive and fraudulent business practices by collecting reports from consumers and conducting investigations, suing companies and people that break the law, developing rules to maintain a fair marketplace, and educating consumers and businesses about their rights and responsibilities.In all other industries consumers are able to rate the performance of service providers and potential investors have a right to have these insights.

"Is it a common practice to report it as a loss even though I fixed it out of my own pocket?" 

Find Brandon's videos on YouTube for the "four square" method of analyzing homes and practice.

Those seem like questionable practices to me.Great stuff from your own experience here.

A college student getting an engineering degree should consider different approaches, even if he decides to deploy some/all of the inheritance in real estate, than a high school dropout working a minimum wage job. 

Yes, this is quite a common practice for professional PM companies.

I know that area well (went to college nearby).

This is standard business practice - just look up how many settlements the SEC makes annually where companies pay millions in penalties WITHOUT ADMITTING to any wrong doing.- Cash-for-Keys is another example of this!