Real Estate LLC Worth it? What about for each property?

[Account Closed]

1. 1. It seems like taking advantage of depreciation and all of the tax benefits of real estate are lost if your income is >$150k, unless you are a "real estate professional", right?
   
2. 2. I've read a lot about legal entities that you can form for legal protection and tax benefits. But I've also been told, its generally not worth it to form an LLC for each property, because 'piercing the corporate veil' is generally trivial if needed.