I'm mainly interested in generating passive income.

I'm having zero trouble generating interest from good prospective tenants through Zillow/Hotpads/Trulia/Craigslist, but they all want to stay longer than 12 months.

It may make sense to use an S Corp if you are generating earned income.

How we should split cash flow and profits generate from this deal?

Before renovations, apt generated $1M in NOI/cap rate = 7.  

Copied and pasted from his page:We’re always working to generate leads, make payroll, increase sales, deal with problems, hire/fire employees….You’re never free when you own a business.

A code can be generated and is only good for two hours after it is entered.

If you are using the LLC to provide a product or service and generate earned income, then that LLC could sponsor a Solo 401(K) plan.Generally speaking, if you qualify for a Solo 401k - both today and for the long term, there are some advantages to the Solo 401(k) format in terms of higher contribution limits, elimination of UDFI taxation on leveraged real estate investment and a few other factors.  

I feel that the apartment rental market will become saturated, but that actual houses will still generate great returns to students.

Would love to help generate business for each other.