Trusts are commonly used to hold inheritances for the benefit of children and other family members, for example.

No debt besides the mortgage on the rental condo and no children.

EXCEPT - Right now I'm actually telling my children (who are currently debt free) to take out student loans and put them in a bank account just to hold. 

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They also listed 3 dependants on their application and when I checked on social media, they had 3 or 4 additional children from other relationships.

One thing I wish I would have done before I got married and had children was house hacking.

There were little fruit flies everywhere on all the ceilings, the carpet was destroyed, crayon on the walls, and he left some furniture and trash.

This is currently my primary residence (comparable rent is 2300 a month) tax is 4240 a year , insurance is 1480 a year I was thinking about doing a cash out refi on my primary residence and then buying a house to rent out and also renting out the Henderson home once I clear the home of my furniture etc.

For example a personal house I bought took an extra month or two to close because the house was inherited by the owners 5 adopted children. 

I rent b+ sfh and a lot of families have children and it is nice to play on carpet.