As a landlord, I do have to set aside a quite substantial reserve amount for capital expenditures, and it would be great if there is a way to have those funds counted as a deductible expense. 

As such, payments that you make need to be prorated between business deductions and personal deductions.

I was wondering if there are any deductions that I can take against my W-2 income, or if all deductions can only be taken against the rental property income?

And you lose depreciation and deducting expenses against income.  

@Yoon Chong I do not think you will be sued, but it is worthwhile to have some type of coverage over the maximum deductible allowed.

Not as many complexities with a few rentals, but there can still be significant issues depending on entity structure - even if they are all "disregarded" entities for federal tax purposes.If your W-2 is your full time gig, and they are all passive long term rentals, there very well could be likely not a lot of active planning to do on the real estate side, outside of getting some general knowledge out there, having some longer term plans, and ensure deductions are being maximized in the isolation of those 5 rentals.

I am not able to deduct depreciation on my rentals due to my AGI being too high.

Realistically, I believe that the tax deductions are the most valuable asset when it comes to buy and holds.

It really does depend, you don't need the LLC setup to do the things you want to do and you'll still get the tax deductions.  

I'm at the point new where I need to figure out if I should pay up in taxes and pass on deductions to report up or just write down and go non-traditional.