Lazy Daze,
I am not sure about your short and long term goals of your investment. I will provide basic information an investor needs to know.
1.Do you have investment plan?
2.If your plan fails, what is your maximum risk? Do you lead the life pretty much same like now after your investment failed?
3.Do you want to start separate company (LLC) for these investments? If not immediate, you need to start LLC within a year and move your properties to LLC. Tax consultant can explain this process. This is the way you limit your risk to investment properties only and you will protect your personal assets.
4.If you are in high income tax bracket (like $357,700 +), just buy one or two single family homes for tax shelter (Total loans must be below $1,000,000.01). Your cash flow will be negative for several years. But you will get good returns after 20 years or 25 years. Any how you need to pay capital gain tax (between 0% and 18%). No LLC required in this scenario.