I am Actively looking for a deal right now and looking to expand my portfolio over the years!

The only requirement is to conduct business activities, which you do.As mentioned by @Ashish Acharya, there're no tax benefits from creating an LLC.

As another side note, I have a very stable, non real estate related job, but am looking for opportunities to take a more active role in the real estate industry.

@Brandon MotukMy stance is to stay actIvely buyIng but always stick to fundamentals and only buy properties that meet a strict set of criteria.

The last tenants were neighbor-from-hell, drunk & drugged out, criminal trespassers who habitually abused my property during all-night parties with numerous friends and relatives.

Second step use a good CPA to help you.Having an active relationship with a CPA can really help.That means working with the CPA before the end of the tax year.

If you're actively looking for properties I can help with your search too as I am an agent as well. 

It would be a criminal act to do a lease option or even a leaseback on a short sale if that was not disclosed and, there would NEVER be an approval for a short sale with that disclosure so, if it did happen, the borrower lied.

All:I have two active rental properties in my area, both are in my own name. 

If you have one unit but actively manage it, take the deduction.