The $100k in equity that you paid for, in't a plus...it's the same money you had in the bank...just in a different location. 

The bigger problem you will run into is that you only have 41k in equity right now.

As of now, we know we have $220K in equity.

Mike's figures are right - about 250k per year in equity...but again that doesn't mean squat.

I suggest to use the 2% rule - your cost to setup asset protection and maintain it (you'll have initial costs and then additional overhead because of it, in a rough proportion on 75%/25% - e.g. let's say it costs you 3K to get the LLC structures in place, you should count an additional 1K annually in bookkeeping, CPA and lawyer costs to maintain it) should be less than 2% of your equity to protect (and again, using the 4K costs, that means you should have at least 200K in equity).

Consequently for tax year 2015/2016 the City Assessor’s Office will be correcting the inequity of these apartment property assessments so that these properties will have a level of appraisal similar to the current overall level of appraisal for the City.I am in the Old North End and my properties (or future properties) aren't on the list that they provide (unless that is the list of already "equalized" properties- it's little hard to tell) Are you getting hit hard?

After a year there is no way you will have paid off 20% in equity by making just your payments, so your would not be able to get out of the loan unless you have more money.  

If I had a $100k+ property with no debt, I would have $100k+ in equity. 

Let’s say they have $200k in equity.

Which means you can only get to 15% more of your 40% in equity.