Doing it because "I already have one created and it adds a layer of protection" is very much a shoot first, ask questions later type of scenario.There are many talented individuals both on Bigger Pockets and probably in your neighborhood who you can retain for guidance on these very complex issues.

turbo tax is designed for someone who owns maybe one or two conventual rentals and can not handle complex transaction like option contracts, because your asset is actually the contract itself which would normally be reported on schedule D and it sounds like your trying to treat as a rental property on schedule E.  

We have 4 properties, a duplex in CA, 2 homes out of state, and an interest in an apartment complex out of state. 

I understand NV is business friendly and all, but I would save myself a bunch of money and headaches and just get good insurance unless you're buying large apt complexes, MHPs, bowling alleys or something.  

If you want to make money on the front end and back end it is much more complex than a simple percentage and differs property to property.If you are still feeling an urge to buy something for investment purposes, follow the Amish.

If you're a complete newbie, starting out with a 20 unit complex where rents are cheaper than my utility bills, in a D/F location is NOT a good idea.....

Or we should not risk with complex projects right from the start, and actually get something in a little better for a more expensive price?

This past week I crunched the numbers on a 23-unit MF complex.

If you just average the cash flow over the five years at $1200 (again just making this example simple, it's a bit more complex than this) you get an average annual return of 20%.

I think given the complexity and rush of this deal, I am going to back away or find a different route.