For instance, if you take a HELOC and buy a new car, you cannot deduct the interest expense incurred because, ordinarily, you cannot deduct interest expense on an auto loan.

This is the home where you ordinarily live most of the time.

A principal residence is the taxpayer’s main home, which is the home where he or she ordinarily lives most of the time.

Even if an item would ordinarily be repairs - like repainting - it is still not deductible until the property is placed in service and should therefore be capitalized.Then comes an exception per the Tangible Property Regs that allows de minimis expensing of items that would normally be capitalized and depreciated, as long as each item is under $2,500.

Ordinarily, this shields your RE income with which the losses are associated.

I suspect that many of the multi-family buyers in these hot areas are people who would ordinarily be looking for a single family home. 

We also live below our means so we are continuing to stack additional cash which we would ordinarily use for a deal.

Ordinarily if I had a mortgage, I would be required by my bank to get some sort of walls-in insurance policy but in this case the condo is fully paid for.

Certain lawsuits that might ordinarily clean you out with damages for negligence or whatever, the LLC can take the hit keeping your personal finances safe, and then that hit can be a business expense and tax deducted.You could do everything you do business-wise as a sole proprietorship with a lot less hassle, but then you pay for that convenience later if you get into a lawsuit.Forming an LLC is a filing of paperwork. 

Additional clarification:"Ordinarily, you are correct.