With proper networking, education, and hands-on involvement, you'll be equipped to make your own decisions.

Both of these guys are good at what they do and have expressed interest in "getting involved" in the REI business.  

This is possible for me, but it would have to be multiple gifts by separate family members to stay under the tax amount.

For AC, you need separate ductwork for supplies and returns between the units, separate blowers, and you also need separate cooling systems - condenser and coiling coil; you might be able to use mini-split units to achieve that.For hot water, you need the piping separate for the hot water, and then you will need multiple water heat sources with one per unit.

I've leased on Christmas eve/day and new year's eve/day on multiple occasions over the last 5 years. 

The issue you will have that you need to consider is the maintenance cost involved.

There are no agents involved. 

I had read some articles online that even in joint tenancy, where multiple people own and are on title of a property, only the individual(s) legally obligated to the debt (i.e. named on the mortgage note) can deduct the mortgage related expenses (interest).

I am looking to get involved in the development project myself.

I've been involved in investing in northern NJ and PA for about 3-4 years now, so willing to provide any feedback I can for you.Bottom line: good investments are to be had anywhere, so long as your team and system are good.