If you are buying in your own name, then obviously you won't have this as a formally separate entity.But the bookkeeping will be so much easier at tax time if you set up bank accounts for the rental property separate from accounts you use for your personal expenses.

Besides that, my taxes are relatively simple, W2 job. 

There also may be ways to enjoy some tax benefits in other types of taxes like gift and/or estate taxes, depending on your goals and family situation, if those are topics that you want to discuss with your estate planning & tax attorney as well.

My father in law would say Yes, but that is also why we don't prepare his tax returns.

I have been monitoring and researching the Tax deed process in Texas for the last 6 months.

The typical path to a million in net worth is to go to college, save money (frugal with expenses), buy a house, and invest in tax deferred accounts. 

Try to get most of your learning out of the way before you try to do a transaction.Buyer seller agent    Commission splitNo subject to financingZoningMarket 3/2 2/1 parking school districts addl ADU property taxes insurance flood zones etc etc.  

It allows us to pocket a pile of tax free cash from the sale of our primary.

You can use 1 EIN for both since you are DBA under holding co LLC or if he believe you should get a second LLC EIN number for tax purpose. 

Official paperwork should be prepared with a real estate lawyer, and financial examination should take into consideration interest revenue, tax consequences, and market circumstances.