how to capitalize on an investment

[Eddy Martinez]

so im new to this site as well as to the investing game. i currently own a property which is rented by my property manger ( my real estate agent). im earning a positive cash flow since it was purchase paid in full no mortgage. however i was thinking about using the equity or the home as collateral for a down payment on a new property which i also hope to rent out. my question is should a start an llc and both property under it to capitalize on my investment and take advantage of tax credit an exc ?? is this a good idea. would really appreciate any advise thank you