Here it is, and since I'm telling the wive's tale I'm going to say it took place in 1984 when rates on a 30YF were at dystopian 15% to 20% levels: Bank branch manager, after lamenting decreased volume due to higher interest rates (ring a bell?)

Definitely hook up with @Shaun Hunt and see if you can share resources.Your experiences are both educational and a bit of self-discovery about where your risk level is. 

Questioning the level of protection by LLCMy husband and I have lived in greater Los Angeles area for 10 years with modest assets worth protecting from creditors.

Some areas in mid-level cities have awesome returns but the trade off is normally worse tenants.

You will still take 100% of the depreciation deduction allowable on your rentals, but if that deduction causes you to have a passive loss, that loss will become suspended and not currently utilized due to your income level.

It's a large single family house, 5 bedrooms, 2 full baths, kitchen on main level and in basement. 

It's a large single family house, 5 bedrooms, 2 full baths, kitchen on main level and in basement.

I assume you might be able to get by with just registering the LLC as a foreign entity depending on the volume of work you do and the level of risk.

Depends on your comfort level.

It is a fast way to figure out at a high level if a property is work pursuing.