The RE lawyers I've spoken to have always said to never give a rent discount because there is a risk that it could be seen as an adjustment to the lease, @Anthony Wick.

What I like about them is that they are very active by email (who has time for calls lol) and that the firm has several lawyers in office available to answer all sorts of questions real estate related. 

Our lawyer recommends creating a new LLC for each property purchase...

Plus, the lawyer will cost you an absolute minimum of $350 for the best rates given to the best customers, and the court costs will add another $300 or so

Do not trust a RE closing lawyer who thinks he can handle it.

@Paul RyanGoing to try and answer to the best of my ability but I am not a cpa or a lawyer and can’t give legal or tax advice.Typically you are not able to offset the depreciation recapture tax.

DISCLAIMER: NOT A LAWYER or anyone practicing law on this planet or another within the solar system.However I would think if something happened it would take a competent lawyer about 30 seconds to say "The mortgage is under @Peter Hoang so the veil should be broken and we can go after his assets as well". 

@Asa AldridgeAny lawyer can pierce an LLC.

If you haven’t gotten a lawyer involved yet then this is shame on you - as a lawyer could also easily answer these questions.

I went through a RE lawyer to write up the Land Contracts and paid regular Title Companies to do the sales (and stayed within the Dodd-Frank limitations).