If your strategy is forced equity then refinance to recycle capital: this works, but cash flow will be razor-thin or negative with leverage.

I only have 1 rental property at this time, and per the advice of my lawyer was to put it in the LLC. 

If you buy a property all cash, you’ll maximize cash flow—but most investors use financing, which means interest rates and down payment size will directly affect returns.Cash flow can quickly turn negative with major repairs or long vacancies.

That they'd say the experience is negative or give a negative review?

The tough part about appreciation plays is small or negative cashflows in the near term.

Or would I only be able to depreciate improvements that I did on the structure to put it into service?

I only have a dozen properties but I spend less than an hour a month and half of that is accounting because I like doing it.

If that is the case, cash flow is a necessity.If you have the means to absorb negative cash flow then you should concentrate on total return.  

Oftentimes the negative sentiments grow and you could be looking at a ban.I would take some time and do a search on AirBNB and VRBO and see what other places similar to what you are looking at are offering, nightly rates and occupancy.There are well over 1000 STRs in that area, plus a multi family will bring a little less than a SFH, generally. 

Cap rate really only matters to me if negative leverage and I have to buy all cash.Monthly cash flow is only for stabilized properties, if there's immediate value add, I can buy negative.