In my experience, having an entity is more useful from a liability perspective if, among other reasons, you're a passive owner, if you have multiple owners (particularly if some of them are passive and you are the controlling owner), if you have more complicated operations or if you have employees.

@Mariano Wahlmann,I live in Dallas and here is my perspective...Dallas is going through Economy Boom, Everyday 1000 people moving to DFW metroplex.Companies are declaring their relocation to DFW every week.There is new construction going everywhere, still they dont keep up with demand.I was here is 2008-2009, Dallas just slow down during that time period, never feel recession.Here are recent data from Forbes about Future growth...

When investing in real estate as well as looking from an outsider’s perspective, it can be skeptical.

Its a comprehensive book covering pretty much all you need to know including how to shift your mentality and focus to achieve great things in this business.Read anything that will help you in real estate, business and life!

@Linda WeygantMakes perfect sense when all I would really be doing would be causing problems where there isn't one anymore.They did renovate, repair, and replace everything and there isn't much more they can do about it.Just viewed it from my perspective if I lived there.

Other than that there is no difference or distinction in taxation when shifting types of real estate.  

I work a full time job throughout the week on 2nd shift so I won't be able to make the meeting unfortunately..

So paying off our primary residents wouldn't be nearly as advantageous from a tax write off nor a monthly cashflow perspective than would be paying off one of the rental properties (or acquiring another one).Hope that provides some additional perspective. 

You asked what the next smart move would be ... it would be to shift your focus to your local market, start networking and educating yourself locally IMO.

I am curious about the potential tax ramifications regarding a gift of equity from both a sellers and buyers perspective.