You will have two separate K-1s as you are each individual owners.  

I am hoping that by joining Bigger Pockets, I will meet many like minded individuals seeking financial freedom, for rental cashflow.  

Welcome to BP - I'm sure you'll learn a lot here and connect with other individuals who have the same interests!

These were plats of subdivisions that were platted and recorded in the early 1900's but never developed and generally owned by one individual or company.

I would also caution if you are intending on a vacation rental be very cautious of the individual town restrictions.

The purpose of “asset protection” trusts is to place assets beyond the reach of creditors who have claims against the individual who has “settled” that trust.  

How often is an individual successfully sued for an amount that exceeds their insurance coverage?

go to all the networking events you can. get around like minded individuals. read read read. always take in good information. then take action. best lessons are from action.

It targets individuals who understand the risks and rewards of income-based investments, rather than traditional property ownership.4.

Some other other options to consider that may be easier, would be these: 1) Take your $840k and have a money manager at Vanguard, Fidelity or Schwab invest it in individual bonds at a 4-5% return.