Answers :You may just have got yourself in all KINDS of trouble by asking this question....the IRS have software "bots" that scour the net looking for potential evidence of tax fraud, and you just admitted to "running a business" without actually having registered it! How do you calculate the taxes you owe on the rent you collect? And how do you report that Income if you have not registered as a business? How do you deduct the expense of paying the manager?
You need a Tax Accountant, and you need one YESTERDAY....
Good luck with that! You can totally start your own business, but tax wise it might not be in your best interest. Consult your CPA or Tax professional regarding the specifics for your home state. There are many tax benefits on both sides of the fence between holding real estate personally, LLC's, and Corporations. However, if you just want to create a simple management company that should be alright. If you form a standard C- Corporation health care is 100% deductible that wont be recorded as income, but rather an expense. In California (my home state) LLC's and S- Corporations aren't allowed to deduct health care cost because these entities have a flow-through income stream and income is recorded personally not separately as seen with a C- Corporation. The cost of forming a corporation, time, and any fees could out weigh the benefit of deducting the health insurance, but its always worth checking. Consult your CPA and hopefully the cost wont outweigh the benefit.
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Hope I can help you. 