To them, they are still saving money by renting out the other side.

It saves them time is they immediately find a deal killer.On the other hand, if you are trying to get a title search on 100 properties that will be auctioned off each month just pay a service.  

Spend some money on girls, but also try to save some for the right opportunity.

Continue to save and posture for the next opportunity.

This will save you a ton of time and awkward conversations with people who you wouldn't consider renting to anyway.

The savings from the general partnership from inheritances taxes would be $24k.Is this legally possible?

In some cases, it may be the opposite, if your mortgage is more than something that you could rent, it could be keeping you from saving more.

I've had a few discussions about the best way to create a plan in order to "snow ball" your way to owning many REI properties (buy and hold for rent).After Googling around and even reading blogs on this site, I've thought about doing something like the following:Buy my first rental property (SFH) with cash (around $60-70k) where I'd expect about $500 cashflow per monthCurrently I have about $105-110k available (after taking out an emergency fund)Then shortly after, buy my second rental property (SFH) but take out a mortgage and put down around 25% on a $60-70k houseThe cash flow on this property specifically would likely break even (at or near 0) but this would be on a 15 year mortgage and I can use some (or most) of the cash flow from the first to help pay down that mortgage faster, along with my corporate job monthly savings tooI feel I could pay it off anywhere from 5 - 10 years depending on the exact strategy If/When I get the 2nd one, then shortly after that, try and get a 3rd SFH rental property and continue this snow ball effect to build up by rental portfolioObviously this is easier said than done, along with risks and I honestly do not have any real experience with rental properties as this is my first time diving into this type of investing.My main questions would be -- Has anyone done a similar strategy to help build their portfolio quicker?

I cannot give you the right answer, you ultimately must decide for yourself after getting all of the information. 

It's just a bad entity structuring. 3) On top of that,  you cant hire your son to work for your rental to save some tax as soon as you have MMLLC (out of scope for this post) Also, it does not accomplish anything as to transfer of the property to your son.