I would recommend getting a free cost/benefit analysis to see if you specifically could benefit from the study.Real Estate Professional Status

The landlord should be named on the tenant's insurance policy for additional protection and to assist with tracking compliance.

Quote from @Zara Massoud: Hi, The PM company we signed on has a clause to add them as 'additional insured'.

I am considering building up on my fourplex. 2 additional units.

If you sell a property, and do a 1031 exchange with the proceeds, but don't need all the proceeds for the down payment of the next property, are you taxed on the additional profit that isn't part of the exchange?

There are a number of tax strategies which you could benefit from.

My goal is to leverage that equity for additional income.

As Bill mentioned, the best way to decide would be to get a free cost/benefit analysis to help you determine if you would benefit.

It just adds complexities and costs without any benefits. 

It has almost zero benefit to have it to just represent yourself.