Just need to refine my Lifespan numbers (and the Per Unit Cost based on the area I'm investing).Now just to find some properties that fit my investment profile, that I can pull the trigger on quickly enough!

That rate never came for them, and as rates started to climb, they never pulled the trigger, because they kept thinking about what they could have gotten 2 weeks earlier.

Not to mention, Indy's economy has been on the rise in the last 5 years due to strong partnerships with tech companies that are bringing an influx of young professionals to the area that are in need of nice, affordable housing i.e Salesforce and the 16 Tech area (https://www.ibj.com/articles/16-tech-becoming-real )Indy is sure to see more and more development - just depends on how long you are wanting to wait for appreciation if you decide to step further from the downtown area.Best of luck to you!!

Second, I am torn between following a partnership tax structure of S-corp.

I just finished a good book that touches on this: How to Use Limited Liability Companies & Limited Partnerships by Garrett Sutton.

Fannie Mae made a change to their rules on 6/1/2016 that now allows this without it triggering the due on sale clause.

You could probably cash flow like crazy with a 4-5 bedroom in a middle of the road neighborhood if you're doing it by the room.With the types of questions you're asking, it sounds like you need to do A LOT more reading on the basics before you think about pulling the trigger on anything though.

You aren't going to get past it, its well established in PA that transfers between individuals & LLCs triggers the transfer tax.

I've also read about an S-corp but unsure if this would be beneficial to us as a partnership.  

I am struggling pulling the trigger on deals.