You probably won't have any equity but you should definately cash flow or break even building equity using the rental income to pay down your debt.

I've been using Quickbooks, and I define each property as a unique "Class" (eg street name). 

This will be defined in a good operating agreement that is drafted by an attorney.  

Mixing business and private often doesn't work out so well, so, make sure that you each have your own roles defined in this partnership. 

We can discuss the ethics of telling a seller you will buy their property without intending to buy it yourself in another thread someday.But I also want to say, I applaud that you list yourself as "Husband and Father" first on your profile. you have your head on your shoulders and have your priorities defined properly!

A: The rules define a “loan originator” as a person who, for or in expectation of direct or indirect compensation or other monetary gain, performs any of the following activities:(1) takes an application, offers, arranges, assists a consumer in obtaining or applying to obtain, negotiates, or otherwise obtains or makes an extension of credit for another person” OR(2) represents to the public through advertising or other means that such a person can or will perform any of these activities.

Once you define your template you will define your own rules of thumb based on your own template.  

State law defines "person" differently from the Bankruptcy Code.

Terms need to be defined. 

Railroad Retirement income is exempt.IRAsQualifies for retirement-income exemption of up to $35,000 or up to $65,000, depending on age.401(k)s and Other Defined-Contribution Employer Retirement PlansQualifies for retirement-income exemption of up to $35,000 or up to $65,000, depending on age.Private PensionsQualifies for retirement-income exemption of up to $35,000 or up to $65,000, depending on age.Public PensionsQualifies for retirement-income exemption of up to $35,000 or up to $65,000, depending on age.Property TaxesMedian property tax on Georgia's median home value of $141,600 is $1,352, according to the Tax Foundation.Tax breaks for seniors: For homeownersimage: http://images.intellitxt.com/ast/adTypes/icon1.png 62 and older who earn $10,000 or less, up to $10,000 of their property's assessed value is exempt from school taxes.