Welcome Ty,Actually what @Tom S. explained is perfect.

@Jesse S Thank you sir.

Can someone do us a favor and summarize how this procedure would look from start to finish, and using the #s provided if this statetgy is even worth it?

Once everything is added together there will be a 1% tax rate added to that amount.Let’s look at an example.A home purchased in 1990 for $100,000 has a base value of $156,000 (from Prop 13’s 2% increase).

Unfortunately, I’ve only got one year of 1099’s, while every lender I’ve talked to requires 2 years of tax returns.  

As the title company, we will require either the trust documents themselves, or a trust certificate... in order to identify the current Trustee(s), who may/must sign, and confirm that they are authorized to buy or sell, as the case may be.Further, as the buyer... you don't care who on the seller side receives Notices under the agreement.

Are 3/1's selling in the area?

There are 30 year fixed products for investment properties under LLC's but the rates will be a bit higher. looking at around the 8%'s or at best mid 7%s 

When househacking should I create an LLC or S-corp? 

I have a 4-plex, C property, 2/1, built in mid 60's on a slab with very little insulation.