Adding the ex to the title could trigger gift tax implications, so keeping it simple is best.

Fannie/Freddie (Conventional) loans aren't just about rate and transfer taxes. 

if it is unsecured loan that is the consequence, you lose they entire thing. as far as tax write off, sorry but none.

The only taxes I remit directly now are the tiny town tax they implemented of 1%.I just take my net income spreadsheet and calculate the 1% and give them a check.

Taxes and requirements should be much lower for a LTR

Whether you need a CPA with just three rentals depends on the complexity of your situation and your comfort level with DIY tax prep.If things are pretty straightforward, you might be fine with tax software for now.

Anyone answering is not responding as a Tax accountant, Insurance expert or as a Financial advisor.  

I am in one of the higher tax brackets and could be saving around 40k~ a year on taxes with this.

Somebody bought that house at Tax Sale.   

., mortgage interest, taxes, repairs, depreciation) on Schedule E starting when the property is placed in service.