When you overcomplicate things it makes it a lot easier to miss a detail that could potentially open an entity up to being set aside.While I understand the "multiple layer" argument, the extra complexity (not to mention extra cost, if you care about that sort of thing) means extra risk of doing something incorrectly (missing an annual meeting, writing a check from the wrong account, etc.), and if you maintain the main entities correctly anyway I think that (and a good insurance policy) is the real line of defense."

Im looking at 2 options right now, one is a complex of 4 and the other a complex of 5 (putting it into the commercial category).

IF the 15 unit complex is truly a deal then I would connect with others in your area who are interested in this type of project.  

For instance FHA will not lend on non-warrantable complexes.

I'm looking to get to know some commercial real estate brokers in North Texas who specialize in apartment complexes.    

I have five properties and am interested in expanding my portfolio in the West Philly area, preferably with multi-family and apartment complexes.  

It is a very nice apartment complex and HOAs are high.

I'm dealing with small town rural situation but lots of growth potential and I'm wondering if it would be worth it to build a new apartment complex to appeal to the highly educated well-to-do to set the business apart from the complexes built in the late 80's that is the only thing available and possibly only SFH available for rent. 

Get comps by CraigsList, Zillow and mystery shopping at the big complexes. 

As for income, instead of $800 per month for a 3 bedroom you can rent it out at $350 per bed.The downside is you have more turnover, the students do more damage than normal, they have different expectations of amenities, and it's harder to get loans for large complexes.