This would also give you some privacy / liability protection in any case.

Your property is a threat to his privacy and security.

The other main thing that students complain about outside of privacy (make sure walls have a good sound barrier b/w rooms and b/w units) is a space for entertaining and if the common areas within the apartment aren't too big, you may want to consider amenities (pool, clubhouse with pool table, media room, study room etc) the biggest and most valued amenity outside of that would probably be wifi.  

Income/expenses pass through to you on your personal tax return I think the benefits of liability protection and privacy outweigh the little bit of paperwork, small fees and an extra tax return.

A spouse can also participate in the same plan, there are additional tax benefits compared to an IRA, and there is generally greater privacy.

The privacy/anonymity of the double close is attractive but with us using a lot of our capital on the front end for marketing, we would like to minimize any other costs if possible. 

I'm not sure if theres an exact terminology for this one, we just call it the "Property Name Ownership & Distributions Tracker" .It contains all investor ownerships, distributions and calculated returns.However, the group can still hide other investor names for privacy and show your calculated return from this document.

Will PM you due to client privacy. 

No biggie.If you're concerned about privacy, I'd suggest you hide your last name from this forum.

Brenda, one more thing: they do have the right and the house should be equipped with privacy locks to keep you out if they are home, but they should be disengaged when the house is vacant.