It has 8 one-bedroom units, 24 two-bedroom units, and 8 three-bedroom units, all of which are separately metered for electric.

No need to sit there and spend time trying to separate or even spend money on software to do that.

It would be a separate transaction, which means you are closing two loans and have two closing costs.

For example, most picture a construct where each property is individually defined, with separate land and structure being owned by individual owners, that than there is a Home Owners Association to govern, comprised of a board who has been elected into positions of governing, and most often who hire a property management firm to complete the day to day operational duties.

I enjoy investing in the Stock market as well, but my plan is to keep my Real Estate assets separate from my personal assets.Do people generally keep it in a Savings account for years?

So you want to convey your interest in the property to your LLC and your family member wants to convey their interest to a separate trust?

What Ido is have a separate bank account (non interest bearing) where all my security deposit funds go..... 

There are a couple on the forum.Your profile also mentions that you have an entity "WNY Property Group", depending on how this entity is structured, you may have a separate filing obligation.Best of luck.

I’ve purchased three separate books written by Brandon Turner, halfway through my first one, I will finish it within a couple of days, besides his books, does anyone recommend any books in this genre? 

for the sake of analysis I used $250/month for water and $700/ annually for insurance.Since the water is not separately metered, can I charge the tenants a small fee for water?