I grew up in the Old Brooklyn neighborhood in Cleveland but moved to Parma around 12 or 13 so parents could send us to a better school.

and only after you covered properly the "other" aspects of risk management (insurance, umbrella insurance, proper property management, etc.).Unless you are doing flipping (or AirBnb), in which case I suggest you look into Series-LLC and you operate each flip in its own child-series (if not clear why, ask for more details).Anyway, a lot of this is covered in my notes, and that should save you hours of research and hopefully clear some confusion as to why you want it and when and how.

It has been a great first experience, it nearly paid our mortgage by itself while my wife and I went through masters programs and had our first child.

I own a home that has turned into an immediate problem child. 

Detroit is the poster child for major city declines.

There are four heirs including my wife’s parents.

A Google search also didn't prove particularily promising.I am taking over managing a group of student rental properties that my parents own and (very, very informally) operate in the Bay Area, California.

You could then create a series LLC with each property held in child LLCs under a parent LLC.

I can attest to doing it with a wife and small child; it's worth it for sure. 

I am 17 years old, I have no debt, and I live rent free with my parents.