I prefer to do lending using a Solo 401K and to hold SFR outside of my retirement account.

And if I am using a property management company, how will they handle it?

I am currently using a portfolio lender (Union Savings Bank) to blanket investment properties for rehab and resale.

If you are using a Trust, which clearly identifies who holds what percentage of beneficial interest in the property, you could get by with just writing up a simply agreement between Tom & Bob, filing assumed name papers and opening an account. 

If you try to hide it, you're drifting into fraud.Following guru stuff, like using a quit claim can give you problems.Getting involved in a foreclosure can get you nailed in other respects, regardless of your strategy.You need to know RE and conventional methods of straight sales, the rules and laws before you go out and try to flip some contract, it's not as easy as it sounds. :)

I can see the advantage of using a quality realtor, although the temptation to sell on my own is still there.

I would like to do this using a buy-and-hold strategy. 

I then incurr the following: 1) Update bathroom and kitchen (repair, perhaps reface, cabinets; replace appliances; update fixtures to low flow), replace carpets, and paint the unit - 6 - 8K; 2) Advertise, show and fill the unit: say we do this ourselves and cheaply for nothing (if you were using a PM, it would be 1/2 to 1 months rent); 3) We are quick and only incur one month's vacancy: $700.00 In this scenario, I have costs and missed revenue totalling a minimum of 6700.00.

I would recommend using a one bank account system (unless you have varying partners for each child cell) to streamline your banking.

@Thomas P.Personally I think using a more specific application that includes location information and regulations is a better use, but this may be a good starting point.