However, I would not think that the property tax exemption would extend into commercial assets since these are more investments and not your primary residence. 

If you're lucky an LLC will separate your personal assets and other investments from the investment property should someone sue you.

Your basis in the property is lesser of the below in the year it was converted to rental: 1) your adjusted basis - ( purchase price adjusted for other various stuff -- such as settlement cost, improvements to your house and so forth. 2) FMV ( which is not a tax assessment) if you have used the wrong basis, in 2016,  to keep things simpler and practical, I would catch up the depreciation to make it correct this year. your depreciation basis is determined on the year it was converted to rental, and generally, does not evaluate each year.If any improvements are made to a property, they will be depreciated as a separate asset. 

All of these would be commercial products.

I am starting to think about the proper legal framework on my rentals to protect my personal assets/credit (such as an LLC, S-corp, etc.).

As excited as I was with the finished product, I really got excited after getting the appraisal and seeing the power of forced appreciation.  

So bottom line, you are going to get a better quality product with a good turn key than an existing rental off the MLS.

I am currently working on getting an unsecured line of credit for my company while also building as much capital/liquid assets as possible.

Made low 7 figures over the years in profits pushing various health products on Facebook Ads, Google Adwords etc. as an affiliate.

Over leveraged assets is what crushed so many people in the last correction.