We plan to remove them all to protect from tax increases on our current primary, but I am afraid that now that the other properties won't have homesteads, we may see skyrocketing tax bills and it will eat into already small cash flow from rental income.Does anyone have advice for how to handle this situation other than just increasing rent?

As others have mentioned they will be putting a lot of time and effort into this so it is important to have an agreement that protects them as well and allows them to do their job.

Just trying to get as educated as possible before making any decisions, and setting up my asset protection accordingly. 

An LLC is useful for two things: anonymity and legal protection.

@Tar-U-Way Bright Using your LLC for real estate ventures offers legal protection and tax benefits.

But i am very happy with the downside protection it provides.

I’d like to be protected if it takes longer than 60 days to sell a spec.

Include an exit strategy, tax planning, and insurance to protect both parties.

If you are just looking for principal protection assets you can do a lot better than empty houses, if that's what you are doing. 

The right idea is going to be the bread and butter.1) Ideal location2) Quality properties over quantity of properties3) 1.25x DSCR4) Intention to hold no less than 8, but ideally 12+ years.5) Sufficient cap reserves6) Mechanisms to enhance cash flow(via alt investing or house strategies).7) Liability protection through no PG loans(if possible), LLC formation, property management and being a diligent landlord.8) Invest deeper, before wider.Now if you're talking where to invest, different information.