Unless you are investing with non-spousal partners, you don't need it for tax purposes because the deductions are really identical. 

I am not a lawyer, but it's important to be aware of the fair housing laws in your state and the laws that protect applicants from being discriminated against on the basis of race, color, religion, national origin, gender, age and other protected identities.

What is best plan of action to take on 2 identical 1975 2BR, 2BA, 2 car garage houses on same street in Buena Park, Orange County, CA that I am inheriting?  

@Dave Spooner I have not sold it, but an identical replica of the house ( this is a tract home) sold last month for 535K in worse conditions. 

In order to keep the liability protection on the homes owned through the LLC, I need to maintain "separate identities" between myself and my LLC. 

A professional manager will:1) Limit the risk of lawsuits and risk on tenant safety2) Perform home turns between tenants quicker than you can3) Screen tenants with advanced knowledge on Fair Housing Laws, identity theft, and filtering false references4) Be able to monitor and handle scams5) Provide you with the quickest eviction process if needed6) Have problem solving skills, so that most days you don't even know there was an issue because it resolved with little or no involvement from you.7) Have resources that include eviction attorney, repairs, cleaners, appliance repair, screening companies, mortgage properties, emergency line coverage. 

Those numbers are identical to the neighborhood I live and invest in.

If two identical properties next door to each other both sold on the same day, one for $500K and one for $600K, my county would later assess them both at the same tax value.

Is your rehab process identical to that of other flippers you know?

Also you would be violating the NJ Landlord Identity Law by not registering.