There is risk to it (ask the owners that declared bankruptcy in the financial crisis, or the publicly traded REITs that went under or nearly went under).  

File a claim against their Renters insurance.   

So they’d both have to bail and declare bankruptcy to escape. 

Right away....anyone can do....owner/buyer sign a deed, file it at the courthouse and away you go.Could be more complicated than that and take more time...for example if you want a new survey, title insurance, financing, inspections and more.But really as simple as the first line. 

I have an S corp that I've done absolutely nothing with other than file the correct paperwork.So my question is this - should I quit claim the rentals into the S corp?

@Alex Verdugo Whatever they call the office where mtgs/deeds/etc are filed....here it is the county Clerk Of Court. 

I wanted to attach the spreadsheet I created to track my journey, but realizing now I can't actually attach a file...

He also lived in Property A for ~2 years within the last 5 years (though he's been told by his CPA that he likely won't be able to avoid *any* capital gains because of the way his previous returns were filed.

My partner @Paul Dante Pronio and I are forming our first joint LLC and have a quick question about EIN filing.

You might be saving $308.10 (the Texas LLC filing fee) but spending a lot more on management and record keeping.