I am a realtor and a CPA.

I'm saying this because later someone might give you tax advice - get with a CPA. 

Please consult your CPA for the rules so you understand how you qualify.Again, sorry for misspeaking and thank you Andreas for catching that.

Please consult with your CPA and/or tax attorney for appropriate tax planning.

(Not just any CPA, attorney, or even tax attorney).  

You should consult an attorney or CPA for your specific situation.ANONYMITY: When you create the LLC, your name is recorded on the documents and published on the Secretary of State's website for all to see.

(Hopefully this is a CPA)If the property is cashflowing, the LLC can make distributions to you. 

@Jagan ReddyI'm not a CPA or a cost segregation specialist, but I do know that if you are not designated as a  real estate professional, then you can only offset passive income by your passive losses.Qualifying as a real estate professional is more challenging than most people want you to think.

@Aaron Wilkins I am not an attorney or CPA, but you asked.Keep stuff in my name so I have more lending options and better rates, including credit unions. 

I strongly suggest to have a Balance Sheet you can keep track of and then also check with your CPA, this way you always have a snapshot of what your company looks at any given time.