Proper is expensive but very comprehensive.

It will also ease him into adulthood where he has to pay bills and manage his own mortgage.  

@Kory SantaellaIf these have mortgages you don't need them in an LLC.A LLC can also give you a false sense of security.You may be subject to due on sale clause on your low interest rate loans.

Send proper formal notices and letters when dealing with this kind of situation.

It seems like the income is significantly reduced when there is a mortgage but as a newbie I am trying to figure this out.Thanks!!

Paying off all the mortgages is a slower way, it's also safer.

Target would be to have maximal leverage (ROE), but with the constraint that it has to be cash-flow positive (factoring in mortgage costs).

15 yr mortgage rarely maximizes your returns vs 30yr.

In my models, I have expenses (less mortgage payments) track the same number so I find the total rate of return to be relatively insensitive to this number.