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

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

Internal Revenue Service (IRS): - https://www.irs.gov/individuals/how-do-you-report-suspected-...5.

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.

Never to the lender or individual.

I actually keep a list our bookkeeping firm recommends based on firms/individuals we and our Clients have had good experiences with as well as I've personally had good experiences with.

There's a lot of people right now that don't qualify as you have pointed out so we will cut deals for longer lease terms for those individuals that do qualify. 

I see that real estate agents and brokers are too negative on sub to deals……investors looking for low interest rates and or low down payments are too positive on the same.As I stated the reality is somewhere in between, depending on individual circumstances.