Such as Vacancy, Credit losses (uncollected rent and skips), Pest control, legal, accounting, leasing.  

I am considering transferring the properties to a LLC so we have more control over our personal income (take distributions as we need, etc), have more borrowing potential under our own names (liabilities would disappear from our personal taxes), and have more protection.

Personally, I like having a place to lay my head at night that is under no one's control but my own (putting gov't issues like taxes aside for the moment).Being Asperger's, I'm not a socialite, to say the least, but I'd want to have a place to invite folks where they'd comfortable.

I can assure you that you have a 99.5% chance of being considered an unwelcome pest by the attorney and their staff.Now comes the "risk money" part.

Who controls the board?

Looks good besides the need to add pest control, lawn-mowing, power-washing , and or snow -plowing if needed.Also interest rates are 6-7.5% right now like @Sam McCormack said.

Unfortunately, money controls a rehab schedule much better than the contract. 

Remember you don't have to own a property to control it.Good luckPaul

You cannot control a property unless you have it under contrat.

To those with a Retail Plaza/Strip Mall whose responsibility is it keep the grounds and parking-lot litter free or under control?