@Brice Alef-Torrisi putting each property in its own LLC is usually overkill.Getting a bank account for each LLC is typically something you need to do to avoid "piercing of the LLC corporate veil" (actually depends on tax selection you made for LLC), but is also overkill.You haven't indicated how you are holding the deed for the latest property.If in your name or same LLC, you don't need a separate bank account.If in separate LLC, you can create a Master LLC, have each property LLC hire the Master LLC to manage their affairs, and just get a bank account for Master LLC.This is an opinion, not advice, so lookup CPA Frank Alcini in Troy for expert advice.

I recommend that you look at Notice of Defaults, Vacants, Tax Liens or Probate. 

Your PSF will be much lower than it would be adding one small unit per lot.One thing to note is more than 4 units or more than one ADU changes the financing that is available.  

Dig deep into tax strategy, tax efficiency, etc  Learn about estate planning. 

Also, I believe the tax benefits are horrible compared to the states, but I'm not too sure.

Am I setting myself up for a tax nightmare?

From tax stand point I would think you can separate from primary and be okay with IRS being that IRS will not be local code enforcement.  

We discovered problems that required a lot of work and significantly reduced the property’s value, forcing me to lower the price.

It's going to offer Strong economic growth, Appreciation (especially in DFW), Tax advantages (no state income tax), and a Growing population, including infrastructure and amenities. 

Quote from @Samuel Hudson: Hello friends I am new the market and recently bought a home in Weehawken 6 months backs .Its a three family home and we are currently doing renovations Right now.The rent leveling board told me that two units would have to follow a rent of 1650 for unit 1 which has three bedrooms and another unknown amount for unit 2 which they don’t have the information for .The previous seller I purchased the property from bought it as a tax lien .He has kept the property vacant for two years with no tenants before selling it to me .However ,the previous Owner he bought it from must have had tenants .I am putting in a lot of money into renovations and want some clarity on the situation I am in .The property has been vacant for the two years and currently still is as we are doing renovation .It would be really appreciated if anyone can assist me on what information needs to be provided by from the previous seller for me to be able to set the rent based on the market value .Thank you .