Anyways, I will be honest… the rental income from the house itself did not justify the purchase price of $350K…but what sold it for me was the 13-car garage that came with the property I am also currently renting out as individual units.

In addition development requires leadership skills and vision.

This individual happen to be my coworker and everything worked out great.

Some are individual, others are shared by two units.

If you are the only owner of the properties, then when/if the time comes you should be able to roll them into a corporation under a Section 85 election and not incur a taxable event (you will want to plan for this with your accountant).Even when you do place your holdings under a corporation, you will not want to place individual properties into separate companies; the accounting and reporting overhead would be expensive.

Both of these areas appeal to thousands of individuals.  

My question is, for tax purposes do we need to do anything else other than just declare our income and loses individually?

I recommend setting up keyword alerts for each area as they are discussed in the forums daily with advertisements posted in the BiggerPockets marketplace hourly.One thing to note when looking at the individual markets, you can make or lose money in any market.

This lender could be the seller (seller financing), a private money lender/individual, or another lender who has advertised their desire to take 2nd position loans (although this 2nd position will likely be more expensive).

1) If each property is in a separate LLC with its own checking account is it possible for rents to be paid to individual checking accounts of each property?