I have known real estate is one of the most proven ways to financial freedom for many years now.

@Cedric Van Duyn, the gain is recognized on the day you sell the property. 

Much of the frustration with "banks" come from their having to comply with "Dodd Frank" legislation that doesn't recognize depreciation as simple accounting and only looks at the taxable income, not the free cash flow, on a property.  

What;s suggested proven best practice?

I have pretty much lived here all my life and barely recognize areas north where I don't visit much like Carmel and Westfield. 

Hoping there are some proven and already implemented structures out there.

Those are a possible opportunity but the best deals are where they have already proven the higher rents.  

@Caleb Dryden,  No matter the entity, the gain will be recognized as of the date of the sale. 

College town rentals are proven strategies but are also well known strategies.

Just because you kick these people out and raise the rent doesn't mean the next tenant will be grumpy and complaining to all the neighbors about how high the rent is.If your current tenants were truly grateful, they would have recognized that even an increase to $1,050 was a generous offer.