Do I need to create a separate profile if each property is listed under a different owner?

You can specify a different Payee Name within each property record that the renters see when they submit a payment so you can have a single profile with multiple properties.  Each property can have a different payee name so you don't have to create a separate profile for each property. 
 
Within the property record you can select the "Yes" option for the "The tenants will see the name below as the person they are submitting a payment to, do you need to enter a different value, such as if you have an LLC" field on the "1. Contact Information" tab on the Add and Update property screens. 

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