It will be almost impossible to lose the property and the cash flow will still be at least slightly tax advantaged because of depreciation.

PM me, I have a 1st NPL in SC I am selling off and may have others soonNo second, taxes current

Favorable Tenant/landlord laws, no income tax, low property tax, consistent job growth, tech coming in, etc. 

It will cost hundreds of K just to get it operational...Insurance, property taxes, plenty of carry costs

It's one thing to never fall in love with your properties...however, I do fall in love with the tax rate on some of my legacy properties purchased right after the GFC.

I agree with @Mario Dattilo and Roger D Jones.I think the only thing that I would draw emphasis on is what Mario said because unless it has a separate tax ID number it is not an apples-to-apples comparable.

I watched as cheap cash cars were bought with income tax every few years when they got too expensive to maintain.

I am looking to start investing into Tax Lien Certificates/Deeds, but I don't know which way to go. 

I get where your coming from but the point of an LLC is that it keeps the asset protected from all others so in a sense the holding company is just a formality for tax purposes since an s-corp would be attached.If you do a separate llc for each property without a holding company then you would have to make a separate s corp for each property which wouldn't make sense as that defeats the purpose of the s-corp thus the reason for the holding company.

Accounting for the utilities, taxes, closing costs, etc...