Primary residences are different than typical rentals for 'asset protection'.Your state may have homestead protections you may forego and/or you may not qualify for cap gain tax exclusion at sale by not owning as a natural person.Private money terms are likely your biggest asset risk, not fear of lawsuits. 

Would I still be allowed to deduct interests from my personal tax returns?

Double lot = 2x property taxes.

Unfortunately, property taxes and HOA fees have also risen, while rental rates for the property have not kept up.

If you put down 20%, after taxes and everything, you might be cashflowing a few hundred dollars, but that's only before expenses and repairs. 

I am currently looking for a CPA to help me with tax planning for the future and tax perpetration for the year. 

You'd just need to foreign file in whatever states you are doing business.

Single family homes cost more and taxes are higher, but you don't have condo fees.Run the numbers for both.

Get tax benefits and future cashflow.

It has something to do with self-employment taxes and paying less in taxes.