He who dies with the most toys is dead.There was a reason people like Gandhi or Mother Theresa appear serene/content, at least on the surface.

Toying if I really need an LLC or partner with a citizen and start a new LLC? 

You got to be willing to deny, even if little Billy next door gets this amazing toy.

(Yes I know there are other restrictions/conditions.)In the past, I have toyed with the idea of a vacation/rental property in Ocean City, MD, Rehoboth/Bethany/Dewy, DE, and/or the Deep Creek Lake, MD area (I like the idea of being within 3 hours of the rental property in case something goes horrible wrong and I need to travel to the property). 

They still try to live the keeping up with the Jones life and buy fancy toys and go out etc, but then can't pay their rent. 

*All signs point to yes!

As a new investor, I have been toying with the idea of which one provides the most asset protection.

I was invested in multi-family, but like ss much better because it's just steel and concrete...the tenants can't damage it and no one ever calls me at 6am complaining that their child flushed a toy down the toilet like you get in multi-family.

The kids were grabbing toys, playing with them, and tossing them around, leaving a messy trail wherever they went.

In other words, the person with the most toys, wins... not the person who paid the least amount of tax.