A contribution of property to a multi-member LLC could effect the ownership percentage of the LLC in ways you do not intent to. 

You will definitely experience higher vacancy rates as the percentage of home ownership is much higher.

This way I can budget my percentage of each of those each month and see exactly where I am at dollar wise in each category. 

@Charlie MoorePros:  You get to write it off your rental income and put more money in your pocket at the end of the year.Cons:  You have to give a percentage of it back when you sell the property (unless you 1031 it).

What percentage of tenants do you have to evict?

And once we close on this we will be putting away a certain percentage of all cash flow to a "rainy day fund".

Problem with such an inexpensive property is that those costs will likely be higher as a percentage of rent.

If this were an SFH, I'd suspect a larger-than-usual percentage would be assigned to the land.However, there's not much we can do with the land - it's not like we could tear down or add on to our unit since it's in the middle of four. 

Biggest issue with finding contractors is one who is ok with the draw/payout schedule as they are only paid for work in place. 

. $642.62 is so low because your property values are among the lowest in the country, but the actual tax rate percentage are some of the highest in the country.