Now if you have a million or two in cash, and an other couple million or more in properties, then yeah, set up some LLC's.Have you thought about possibly just getting the loan in your name, live in it, and a few years down the line when you have moved out, there is a little equity just doing a quit claim deed to put it into your LLC? 

It is certainly possible to combine a primary residence exclusion and a 1031 exchange to completely eliminate most and defer the rest of the tax.However in your case with only 1.5 years of depreciation it might make more sense financially to simply forgo the 1031 portion and pay the depreciation recapture.  

. $1400 for gas and a 6x6 inch block of concrete?!?!

I look forward to learning and growing as an investor and a landlord. 

You'd likely be okay with just proof of funds, and a signed note might very well work. 

We have been eating with paper plates and cups since September 1st, and since we can't store anything in the kitchen, our dining room has become a storage area with plastic shelves, boxes and a china cabinet that acts as a pantry. 

But there may be stellar deals offering awesome ROI in both areas six months apart, so as long as the "power 4" (as they called them in the podcast) are established in both areas then it really just comes down to deal chasing.At least that's how I see it as someone with one rental and a big dream lol 

Some people think its best to put everyone and a single LLC...but I agree its a lot of work and costs.  

You will still need liability and umbrella insurance.For me, after analyzing my situation, I decided to go with one LLC per property with a holding LLC and a property management C corp.

Tie to sell...especially those homes that have chickens in the living room and a dog kennels in the back bed room...