@Levi Perl Since your single-member LLC (SMLLC) is a disregarded entity, all rental income or losses are reported directly on your personal tax return rather than at the LLC level.

It's very personal and varies wildly. 

Would that lower our tax liability from other income we receive or no because this is purely RE and not an operating business?

Since the original loan was apparently for a primary residence an LLC could never qualify because it isn't a person who would owner occupy the property. 2.

The idea of debt-free is that if a person is going to retire and has to completely depend on the income, they don't want a severe recession surprising them and causing them to default on the debt and losing the properties.In a normal world, I would do that as well.

When structuring a deal, what might work for one person, may not work for the other.

I contribute that much monthly any way as my side business helps to get me where I want when I retire. 

Quote from @Gregory Wilson: A few things there, Brendan.First, an LLC with you as a member and your (wife, son, pal, etc.) partner as a 1% member will file a Form 1065 which is about one tenth as likely to be audited by the IRS as a Form 1040 with a Schedule E rental activity (which I presume you will attempt to show is an active business).Second, you want an LLC because when your local Alabama handyman drives his girlfriend's uninsured truck into a van load of U of A medical school interns on I-22 when he goes  to get some shingles for your roof, on your business, you don't lose everything you have or ever will have to an uninsured claim. 

That's the first place to start.I can tell you what to invest in and where - but you won't listen unless you really understand this business first.

It closely aligns with the principles of the BRRRR method.Low Risk of Natural DisastersNatural disasters can wreak havoc on your property and the surrounding community, causing job losses and the closure of businesses, which often forces residents to relocate.