I always suggest people take small steps when getting into the investing game!  

We're a real estate fund administrator and most of our clients that have many SFR properties will hold them in just a handful of LLCs and the determination or whether a new one is needed is typically based on the lender providing them with a blanket loan/LOC.

That being said, what is your long game and how would you handle gas being phase out and how would your business pivot? 

I am a lender that works with a lot of Canadian clients investing in the U.S. specifically Florida who are often comparing their Canadian bank with lending options based in the U.S.

Im happy to share any info I have based on my personal expierences along with my referl network.

You are obligated to provide the oldest verifiable operating statement (base year), which is adjusted into today's dollars (Using an LA City formula for inflation) and this is compared to your current year (yes with receipts, cancelled checks, bank statements, k1's etc), which can be significant. 

A 1031 exchange can be a good option because although there is no cash involved in the deal, you would still recognize a gain based on the fair market value of the properties being received over the basis of the property you're giving up (if it's a gain).

This will help guide you to the best cities based on your expectations.

Your loan amount will be based on the lower of the purchase price and appraised value. 

Running your numbers based off a short term rental or medium term rental rate is going to get you in trouble.