Tax advantages are good but protection of my assets for my family is the most important thing but I dont wanna go broke with LLC's and HOI here in Florida either. 

You'd still get the tax benefits from owning the rental except for the interest payments you'd be making on a loan.If you want to start with buying a property outright then scale you could look into a HELOC to use the equity you have in the first house to buy the second.

Thus, my tax return will reflect the higher income in order for me to make purchases without the need for a W2.

You can start with the city website www.coj.net for the building department or property appraiser or the tax collectors office www.taxcollector.coj.net As for the structure of your deal just read the forums about llc v Incorporated and all the good information that can be found in there.One other thing I did with my units that many may not agree with is that I get a general liability coverage for each llc related to that llc and I would get an umbrella policy for you as well.

I glanced at your numbers and the property taxes are about $2k per year.

@Brian Eastman    Thanks Brian for your response.Being in California, the $800 annual tax on the LLC isn't great, but I'm willing to pay it if we need to go the LLC route.

Most of the specialty cost seg providers will do an upfront analysis and give you a range of the potential deduction and take into account your federal and state tax bracket to determine the tax benefit.  

Franklin County is doing a mass re-appraisal process for property taxes in 2023.

Hi,I'm looking for a CPA to give advice on a tax situation in the southwest suburbs of Chicago.

City permit means nothing, it's just a tax.