The only thing they lack is the ability to track overall profit/expense across multiple properties. 

Once you buy the property, you can transfer it into an LLC, but that won't affect the initial rate you get or your ability to qualify.

If COVID and other factors around the Twin Cities area right now increase vacancy, or cause the tenants to not be able to pay on time, how will that affect your ability to meet the balloon payment?

It is important that you are well aware of the lending environment when putting out offers and your ability as a borrower to be qualified.

Tell me something that I don’t know.The surefire way to discourage feedback on your question is to get belligerent with members who reply.Location is critical in the ability to achieve the advertised returns. 

A truck hit our garage and we were completely without the ability to fix it in  a timely manner due to the time of year could not get a decent contractor to work on it We desperately want to relist but we understand that the property history given what it has become is a major deterent and we feel that we will continue to go round and round.

I have found the people who are not comfortable within the investment arena are those who are very cautious and not comfortable with their abilities to solve problems.  

i was looking to buy a house to live in and i saw the ability to rent out the garage space so it was perfect.

When you have businesses that are hands on, like the photo and furniture businesses, it would be very difficult to set up both at the same time.REI does have the ability to have multiple streams though

It's too small for them but the property prices here have risen faster than their ability to save the down payment.Regarding the OP's question, if I was approached I would install new flooring if the tenant wanted to purchase it.