you get many benefits of running an LLC as a business for your rental property - 1) limited your personal liability 2) keep your properties separate from one another 3) pass thru taxation to your personal return 4) you separate personal from business expenses (some are now deductible whereas the were not before 5) if you have multiple owners of a property, they are essential umbrella policies still have limits - your personal assets could still be exposed - creating and running an LLC property will ensure your personal property is never exposeddisclaimer - I am not a CPA nor an attorney, seek professional advice for your state

You may be required to file non-resident state tax returns with those states.There are approximately 20+ accountants on the biggerpockets message board who specialize in real estate taxation.

@John ReedA solo 401(k), as a tax-exempt entity, does have exposure to two forms of taxation. 

Removing a property from the C Corp, to refi or for whatever reason, would generally be a taxable event.Then you have to contend with the personal holding company (PHC) tax that you probably will have exposure to.Then you have consider double taxation, as @Natalie Kolodij mentioned. 

Can anyone refer me to some real estate CPA with international taxation background and thanks in advance.Clarence Gong 

It could mean a lot of things - but county data is notortiously incomplete and bad, and values for taxation very rarely track actual market value.

How does the government stealing more money through excessive taxation and wasting it (as they always do, see the bullet train to nowhere in California) help anyone? 

@Robert FornwaltYour CPA is the one with all your tax information and would be suited to answer your question...if he specializes in real estate taxation and has a chunk of real estate investor clients.It also does not make sense when he says the "rental income would be a wash". 

You open yourself to more accountants who specialize in real estate taxation if you are open to the idea.If this is not a single-person entity, you may want to find an accountant is familiar with partnership/S-corp taxation depending on the entity you form to choose.

I saw turbo tax at Costco for cheap, purchased the investor friendly version and plugged in the results.