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.

By the way, if you feel the need to save a few dollars, many Property Managers offer a service where they will market the property, handle showings, screen applications, and get the tenant moved in then they hand it over to you for on-going management. 

Another option I have is to wait until I save up enough so I can pay the remaining balance on my loan and have enough for a 3.5% downpayment.

I've heard of private money lenders who lend out money in their IRAs or those who have a chunk of money in savings and want to earn some interest on it by lending it out to others. 

I've heard of private money lenders who lend out money in their IRAs or those who have a chunk of money in savings and want to earn some interest on it by lending it out to others.