It's obvious this is something that will be an inconvenience and you'll write your leases in a way that protects you from having a tenant trash the place to make it look like you're not maintaining the property. 

Reflecting, we’re very thankful for the learning experience (and work to never be in that position again).My wife and I purchased our first home back in 2004 just before the bubble in Avalon Park, FL (suburb of Orlando).

If any member of an LLC is another company or corporation (there's a difference), then S-corp is not an option.Now, allow me to reframe your position and tell me if this is correct: one entity to hold property and another entity to run business operations.If that sounds like what you were thinking, that is a common strategy. 

Portfolio lenders typically follow the same (75%-80%) rule and consider the additional income from your properties and perhaps relax on the debt to income ratio and as long as the deal makes sense and generates positive cash flow.  

This was done to maintain favorable interest rates and to keep the mortgage company and HOA happy because neither is fond of LLC's.  

At the same time, you can be improving your personal finance position to have a solid foundation for investing and taking calculated risks. 

I manage all of the properties (with the exception of one in another city) and maintain a VERY full time job as a trainer/consultant.  

Just make sure you are comfortable that even when the economy declines you are still in a comfortable position should you have to take that property back.Lauren Prichard, CEOAborn Powers/Aborn Homes

The law does recognize that anyone who for years does not use their property, does nothing to maintain it, does not pay taxes and cannot be located through their contact info and addresses of record -has implicitly abandoned their real estate.

Are you in a position to get a HELOC on one or more of your properties?