Remember when were kids and buying a plane ticket required a visit to a "professional" travel agent?  

Those are big ticket Items to do a rehab on so depending on your neighborhood it may not be worth it.I do not know your area but I am guessing you could find a better deal and possibly go up to 4 units.Do all of you need to be on the FHA loan?

RE sales & renovations are a sure ticket for them.I remodeled my personal residence about 7 years ago and that same year it was reassessed and increased by the amount of the renovation. 

If I spend $1,000 to attend a seminar (entry ticket, flight, hotel, food) I need to make $1,200 within the next 3-6 months from something I learned.

Anyway, nice Porsche, red gets more tickets I believe, LOL.   

I really think it's excessive small repairs and trouble tickets that are eating away at my rental income.

Look up in your records how old all the big ticket items are and then you can figure out approximately when you will need to think about replacing them.

You can not count on protecting your assets any other way.Unfortunately the US system has evolved into viewing lawsuits like buying lottery tickets due to the insane rulings by courts.

It's an over view looking out, you don't get to ride the donkey to the bottom of the canyon, that's another ticket. :) 

LED light bulbs and a wifi thermostat were the first things we did when moving to our place, not big ticket items, but they more than pay for themselves in time, especially if you leave your lights on for security/aesthetics.