If you continue filing taxes jointly the income you realize from your separate property will still need to be explained and redacted, regardless of the type of entity holding the real estate.

For tax purposes, rental income is generally recognized in the year you receive it, not when it is paid.

I'm not sure how attractive the numbers will be however when looking at HOA dues, insurance, taxes & the unpredictability of future costs with HOA dues.

It has cost many people including myself a lot of unnecessary money and still is because you deal with the tax portion of opening unnecessary LLCs recommended by supposed professionals. 

If you can rent it for $2,000/month, after fees, taxes, and potential maintenance costs, you’d still make a decent passive income.

Besides lists from the tax assessor, how are you finding your deals?  

Whichever loan that you decide to use, the interest will be tax deductible due to interest tracing rules.

Quote from @Erick Pena: A "good" rental property is one that covers all expenses (mortgage, taxes, insurance, maintenance, property management fees, and any other costs) and still leave a surplus (commonly referred to as cash flow).Calculate cash flow as: Cash Flow = Rental Income − Operating Expenses − DebtThere's much more to it, but that's the basic idea.

BTW behind Texas.When all forms of taxes are calculated (income, property, and sales tax), CA ranks below the middle of the nation in total tax rate.  

It links to our business bank account and our business credit card so come tax time, deductions should be easier.