If there is ever a law suit against a property operated LLC you wont lose personal assets - and if there is a law suit against you it will not impact the LLC (as long as you are not committing crimes, since that changes the rules.)

As others have mentioned a SMLLC does not have any impact on your taxes. 

They either didn't recall your discussion about the updates or you down played the impact.

In my experience once you break down multifamily by asset class the actual number of units does not do much to impact the cap or price per door of that sale.

Does anybody have personal experience with incorporating into a town and what type of impact this could have on my taxes and such?   

I am definitely trying to keep track of the expenses since that as you say could heavily impact my cashflow.

I do also think NBAF will have a very significant impact on the city for years to come, and effect many other areas of the city.

Or leave it in as a shareholder contribution to reduce your debt or hold for unexpected expenses, either of which can positively impact your balance sheet showing strength where a lender wants to see it.

Whats more concernign as a buyer is how are taxes reassessed and how will it impact after you acquire it.If you're talking single family homes, well for starters you're in the wrong forum section (lol), but then yes it does matter and it's probably way too much for Long Island.

Body language goes a long way with me.