@Dakoda SpencerIf you start doing lease options, lease purchase, etc that has its own set of legal issues.

Hey Jacob, I would recommend top 10 ways to protect your assets (FREE E-Book) by Royal Legal.

So if your higher salary from living in a high cost area offsets the higher housing price, then the necessities of life are only incrementally more expensive...this allows you to have more money to save and invest, or pay down college debt quicker etc.

Our 2 current rentals are under our own name, but we are planning on setting up an LLC on Legal Zoom and would like to transfer the 2 existing properties to the LLC.

Happy to pay a few $$ if there is a website that will auto populate a legal template like this.  

Hey Tim -My situation is a bit unique in that I really don't like / need debt to get things going.

If they done pay, have them legally evicted (which will follow them).  

Closing costs can add up so Ive always tried to avoid them (unless you significantly save on the interest rate)Most big banks will loan 75 to 80 LTV and having a signed lease to show income on the property will help your debt-to-income ratio. 

Is it a legal triple or a duplex setup as a three?

I have a relatively good credit score (780) and 20k in student debt. a good.