We've used LLCs by going to sunbiz.org, setting up the LLC, and then heading over to IRS.gov to get the EIN (Tax ID) number.

You can find them in the Meetup section on BiggerPockets:  https://www.biggerpockets.com/forums/521-real-estate-events-...

You want both individuals listed as tenants, meaning they occupy the rental and they are 100% financially responsible.

The paid off student rental plus the 2nd student rental helps pays off the mortage for 2nd student rentals and living expenses for me and my wife. the duplex was  cash flowing approx  $300 month with the old tenants We manage everything ourselves with some help from our family. 

Last time I checked, the prices did go up.

You’re all set just the way it is.

Quote from @Victor Yang: If I gift a house, what amount will go towards the lifetime gift limit, the amount i purchased the house for, or the current FMV?

I come across SFR in other states from time to time direct to seller. 

Thanks for the link

@Roger CreekmoreMini splits sound like the best option from the cheap seats.