However, I would not think that the property tax exemption would extend into commercial assets since these are more investments and not your primary residence. 

@Vincent CraneYou don't necessarily need to upload a copy of each receipt to your accounting software.

If you're lucky an LLC will separate your personal assets and other investments from the investment property should someone sue you.

Hey BP can anyone give me some feedback on Realeflow, I need to kick up my marketing stratigies and Realeflow was suggested to me. I though let me consult my BP members for their thought before I go any further. 

My CPA has instructed me that the auto expenses (at least the proportion used for rental activities), overhead such as office supplies, software, tax preparation, and other items which occur to operate the rental properties (AS A WHOLE) are expensable on Schedule E relative to the activity (e.g. based on number of units per property) by "cost accounting or cost allocation".

Your basis in the property is lesser of the below in the year it was converted to rental: 1) your adjusted basis - ( purchase price adjusted for other various stuff -- such as settlement cost, improvements to your house and so forth. 2) FMV ( which is not a tax assessment) if you have used the wrong basis, in 2016,  to keep things simpler and practical, I would catch up the depreciation to make it correct this year. your depreciation basis is determined on the year it was converted to rental, and generally, does not evaluate each year.If any improvements are made to a property, they will be depreciated as a separate asset. 

I am starting to think about the proper legal framework on my rentals to protect my personal assets/credit (such as an LLC, S-corp, etc.).

I am currently working on getting an unsecured line of credit for my company while also building as much capital/liquid assets as possible.

Over leveraged assets is what crushed so many people in the last correction.  

You can NEVER mix personal assets with your (wife included) IRA assets.