Hoping we get the 100% back but reasonable to still get the 40%.also, can an individual/LLC have more than 1 property per year that they can do the bonus depreciation on?

Quote from @Michael Anderson: It is recommended that you change everything over to the LLC.

I started with a Michigan LLC/LP entity set up to hold the properties.

Or is it limited to 1 property per individual/LLC per year? 

But you should have the rental in an LLC first, and then put that into the trust.

I have 21 units and have recently formed a Series LLC for all 21 units.

I’m still trying to wrap my head around the LLC and trust thing. 

Both are in held in the same LLC or your name, you'll be net cash flow positive and be owning the debt, equity, and hard asset at different ratios that's relatively strong for performance growth in the portfolio.

I know some mentioned about developing banking relationships and I totally agree with that, so here is what you do. 1) Open a business checking account in the name of your LLC to hold the assets. 2) Deposit your cash into that account to fund the real estate purchases3) After owning for 60-90 days, talk with a local lender about a line of credit against the 2 properties at 60% LTV. 4) After about 30-45 days, have the line open to use if you need that liquidity that you used, but until then you are not paying 7% interest on nothing. 

Not only does it protect you, but it also provides the opportunity to open checking accounts for each property under its LLC, which will make tracking income and expenses much easier.