@Brett Sorenson You might end up looking at two different things when you combine "shelter from recession" and "long term appreciation".  

I'm using Quickbooks for Mac and cozy.co currently for 5 properties and combined with email it's working out ok.  

Combine this with the potential for rent increases these days even without the 'value-add' and I will look at an 8 cap for sure.

@Ryan Miller,  I was once told and I still believe that the IRS would like(if you are ever audited) a separate back account for each property rather than separate by your functional use like you are thinking.  

There was an article published this week about a tax preparer who incorrectly filed returns for years and now her clients owe a combined $1.4 million in taxes following an audit. 

After a fourth visit the problem was fixed and i was able to access my accounts but after over 40 days of it being suspended with no real explanation of why and missing 6 payments which in turn dropped my credit score over a combined 140 points now preventing me from getting a refinance on my home among other things .

How do you come up with a value for the combination since I believe the home is not in very good shape?  

You didn't say exactly what this person's job function will be, but I would think with that many units you would need/want three dedicated numbers.  

Rate and term don't need seasoning. 100% ownership in LLC for the borrower or combination  of borrowers.

The other concern was that one of the water heaters was well past its life expectancy despite being functional.