The current rental income is $5,300/month, while our mortgage is $1,500/month, property tax is $600/month, property management costs $200/month, and maintenance expenses are currently unknown.We’ve utilized a HELOC from this property, amounting to $300,000, for renovating the basement and investing in a preconstruction condo and another property in a different city.

I have even had situations where I had to amend my taxes because the tax person screwed up.

LLCS are sometimes important to the states who won't let you homestead (get a tax break) a property in an LLC. 

There is a number of threads about it in the tax forum. 

What does the tax ID indicate?

The experience was very poor and began with a lengthy application, asking for all sort of documents including tax returns, rental schedule, voided check, credit check etc, just to get a pre approval letter.

Worst case scenario is they take 8% of your rent money and then at the end of the year you get to take that as a deduction on your taxes.

But there's more paperwork and rules to follow.Think about how comfortable you are with risk, what you want to do with the property, how taxes will work, and if you're ready for the extra work an LLC brings.

Not sure if these markets are old news, but I have a friend in Winston-Salem that says its a gold mine, and by all means it looks like it…low crime, good schools, population growth, friendly taxes, and reliable tenants.

However, without having W2s or 2 years worth of tax statements for my business, I'm having trouble finding a loan.