Since these answers would be based on fact it should limit your liability.  

My corporate tax return, general liability and umbrella policy, higher level accounting, continued education, etc.

Send a copy to the co-signer, they will want to encourage them to get out to reduce their liability.  

There are different types of deeds that one can use (general warranty deed, special warranty deed, etc.) for conveying property, but for purposes of transferring the property from yourself to an entity such as a limited liability company (LLC), a quitclaim deed should suffice.  

Next LLCs are basically partnerships with corporation liability protection and limits on how debtors can try to get the assets. 

A house with no cashflow, and no equity can quickly become a liability instead of an asset. 

My friend just purchased 3 adjacent quads on separate lots and choose commercial for the liability protection (LLC).

As a seller it opens one up for Liability down the road....many appraisers now disclose if the find asbestos siding/shingles etc., in their work, and if they do?

It looks similar to an interest only loan, but the $134.00 a month is not taxable now or upon sale of the property.I have made a number of assumptions for my second example:Rent multiplier of 1x the property would bring $1,000 a monthcosts P&I 500 a monthTax and Ins 200 a month700 a month costs = 300 a month cash flow - not a bad scenarioTax liability 300 a month - tax on principal increase upon saleMy mortgageRent multiplier of 1x the property would bring $1,000 a monthcosts P&I 500 a monthBank loans you an additoanal  $134 per monthTax and Ins 200 a month700 a month costs = 300 + 134 = 434 cash flow Tax liability 300 a month and no tax liability for principal increase. 

I am sure you know the reason for holding your rental property in a limited liability entity in the first place before now  if am not wrong for proper asset protection from  liability of being a property owner such as  attacks  from judgment claimers, creditors claim, litigations and tenants claims on your personal asset which can immediately turn your entire asset into liability if there is a lawsuit.