Definitely hook up with @Shaun Hunt and see if you can share resources.Your experiences are both educational and a bit of self-discovery about where your risk level is. 

Questioning the level of protection by LLCMy husband and I have lived in greater Los Angeles area for 10 years with modest assets worth protecting from creditors.

Some areas in mid-level cities have awesome returns but the trade off is normally worse tenants.

You will still take 100% of the depreciation deduction allowable on your rentals, but if that deduction causes you to have a passive loss, that loss will become suspended and not currently utilized due to your income level.

I’d like the extra income to help us either pay off the property faster or save up for the next house.

It's a large single family house, 5 bedrooms, 2 full baths, kitchen on main level and in basement. 

It's a large single family house, 5 bedrooms, 2 full baths, kitchen on main level and in basement.

Their best interest is cash ASAP, I would argue that you can make that happen faster as a wholesale deal.

I assume you might be able to get by with just registering the LLC as a foreign entity depending on the volume of work you do and the level of risk.

Depends on your comfort level.