This involves discussing legal and tax implications with professionals like a real estate attorney and tax advisor to find the best structure for your situation.

We file our taxes jointly.  

Can you still have tax write off, even if you dont have an LLC ? 

If you want to buy and hold, use a debt product that stays constant for long periods of time, not one that constantly fluctuates.Another way I think about this: you need to buy a new $30,000 car, you plan to hold onto the car for 5 years and you want to finance it.

The Midwest markets offer a lower barrier to entry as they provide lower home prices and taxes, a lot of these markets are landlord friendly as well.

I am using a CPA to do my taxes. 

I also found a bank that would finance that low cost of property as a regular 30 year loan so payments on debt is way low obvious $100 - $120 per unit.

We also pull tax information and public records data to help estimate things on the expense side.I personally have 25 listings and recommend that folk do as you say and learn the nuances and intimacies for specific properties in specific markets.

There may be other things I'm unaware of that come into play as well- taxes, liability laws, etc.  

Yes I don't get how debt protects.