I was thinking Form 8832 is the one, but I am confused when I get to question #3 since this entity is technically owned by more than one individual.

The tenants enjoy using the interface, it is simple to communicate with them as a whole or individually, collect rent payments and see when they are in transit, offer CC payment options at tenants expense, track maintenance request, share documents, and lease the property.Short comings are their financial portion.

Best you can do is individually pull title on properties. 

I manage a few smaller complexes and they are all on individual price schemes though they are usually within a few dollars of each other. 

So the question becomes based on their individual and personal tax situation what is the estimated tax burden they'd save? 

I’ve been around real estate for decades, and I read in The Economist once that in lively markets like Charlotte, folks will pay a premium for a comfortable room if you’re near major employers.A friend of mine tried something similar out in Austin a while back.. he’d inherited a 4-bedroom property and split it into individual room rentals.

Cost segregation and advancing depreciation has its pros and cons depending on what the individual investor's goal is.

After reading so many intros of young, single, eager individuals, I'm hoping I'm not too late to the game! 

Same property listed water bill paid by landlord so how much does it cost to put individual meters for each property so cost can be moved to tenants? 

There are more complicated strategies to maximize larger listings that involve having like multiple listings for same property and do individual room rentals when it is slower and then for larger length stays, larger groups, and more desirable dates you'd book the whole space, but I think its easier to just do two separate.