The surplus of construction in previous years has allowed national vacancies to remain well below long-term averages.In large metropolitan cities, current construction projects are exceeding historical averages.

I would definitely need to consult an attorney and likely need to form some sort of corporation to do this kind of business, but just wanted to hear other ideas.

In those books they talk about trusts having the beneficiaries being owned with companies in weak states like California were piercing the corporate veil (Term you were looking for) is really easy.

I heard that banks would be more likely to make non-recourse loans if the LLC held other assets in the company or existing income streams from other rentals in the same corporation. this has responses that answer your question:https://www.biggerpockets.com/forums/109/topics/212298-llc-and-non-recourse-loan

Joe  has worked on my behalf in real estate & business law as well as  my corporate and personal tax returns. 

Steve T. take a look on Narpm.org that is the National association of Residential Property Managers.

This is similar to how they hold their wealth in India and many 3rd world nations (which we do not live in, yet, knock on wood). 

@Mark SmithWhether you do this as a partnership or form an LLC/Corporation you will need to layout the partnership/shareowner/operating {pick your favourite version} agreement at the outset.  

Thanks to real estate I am able to stand on both of my feet without the support of corporate America. it is amazing to see the fruits of labor for all these years. real estate is the career that I will never be retired from. but it does beat 9 to 5 for any given day by a long shot. 

The more you buy/sell, the higher % you keep, depending on your contract with your broker.You're probably best off at a small local firm where you can pay minimal fees, get access to MLS and basic supervision, and aren't required to pay $600/year to local/state/national association of realtors (NAR).