However, I also incorporate appreciation potential, price, area/rental traffic, rental history, tenant demographics, logistics, regional history, etc. and it's hard to know all that if you're not intimately familiar with the area.

I'm new to investing and decided to go this route because I recently went through a major layoff in corporate America, and I finally had the opportunity to do something that I was passionate about.

Depending on the state you incorporate in, LLC's are dirt cheap compared to the potential tax shelter losses and expose you have by not using them. 

An operating agreement is pertinent.Try Nationwide Incorporators.

Perhaps a higher degree of sophistication incorporated in the Operting Agreement may well be overkill for many for most investors, But flexibility is nice too.

@John Mathewson Side note: nice logo!

Also you need to plan on asset protection many do not plan for it, however if you are looking long term real estate and protecting your resources, I would highly recommending looking into making a business plan that incorporates this.Best wishes on creating wealth, freedom and taking action!

I'm buying three rentals in wetaskiwin, I just realized i should look into incorporating or LLP's. after this I will have a total of 4 properties and 5 doors.

I would incorporate the infrastructure that NA Beard mentioned, and I would hire a number of people way smarter than me.Then I would raise enough capital to be very well funded.

I have my license as well, still waiting to incorporate it into my investing.