However, it doesn't always make sense...I've done 6 month leases, and 2 year and 3 year leases....all were dependent on the tenant situation.

The only way it could make sense is if you can rent a place for significantly less per month and then invest the saved money some place else with higher returns (multi family, stocks, bitcoin, ...).

If you're some cash rich secret millionaire buying houses in the ghetto that are unsafe then maybe a LLC makes sense...Just get umbrella policy and be done with it.

I guess I mean based on th culture of the city if that makes sense.  

So here's the only way that this makes sense to me. 

I think the idea makes a lot of sense and is something I have recently begun looking into.

Ideally you've of already visited the areas you're targeting so you have a sense of the vibe of who's renting, what they need/want, where they go, where they work.Now let's pretend everything went smooth, you're either going to work with realtor to get it rented or a PM.

If funds are kept in the 457B plan, they can be withdrawn before age 59 1/2 without any penalty and only subject to ordinary income tax.Depending on your tax bracket, it might make sense to withdraw additional funds to invest in real estate instead of doing so in a SDIRA.  

I am curious if others think this is a good deal and to jump on it or if it doesn't make sense (if so, what am I missing?).

I would just reach out and interview all of them and go with the one the seems to make the most sense.