From multiple discussions I've had and reading posts here, I think I also want to form a 5th LLC to act as a management company, so that I can have one business account and credit card to collect all rent and pay all the overhead and expenses (paying for meals, PO box, RE licensing fees, etc).  

Also, if I plan to apply that equity to the new home in a form of down payment, am I still taxed?

Great to have goals, but its a long road to get from A-Z and real estate is not a get rich quick plan.

My family and I will be moving to the Eastern Shore later this year if plans hold.

We paid for the property in cash and plan to pay cash for the rebuild.  

i'd never tell anyone to buy a property that they're negative $350 a month on unless they had a long term plan for it that included making money somehow

Let us also say I am willing to carry the second position note for someone assuming the loan. details below on the property ( I will use a property I own and could theoretically do this with... though not planning to).

I plan on keeping the PM for a few months to help me get settled with new leases. 

Holding title in an LLC or Trust is always wise for asset protection and estate planning considerations.  

But if that Ferrari could bring in a return as an asset, rather than being a liability, and it puts a good amount of monthly cash flow in your pocket each month then someone with an entrepreneurial mindset and business plan for it should think about buying that Ferrari.