State Street and Governors Ave (which encompasses the East and West side of campus) aren't too bad, although they are quite busy.Just be very, and I do mean, VERY, careful about Kirkwood, New, and Queen Street as these can tend to be rougher streets.

No one gets paid until closing, your arrogance will catch up to you in this industry and with a bad reputation you won't make it very far.

The bad news is that it still has one of those old fuse breaker boxes and I suspect that much of the wiring and plumbing has never been updated.

Otherwise, unless purchased in an area with lots of new development, it'll be a bad investment.

Yeah not too bad.

But, if you have a bad tenant, you can go through the 14 day notice, wait out the 3-4 weeks court day and the day before you go to court, they can deposit some cash in the account, then show up at the hearing and say they made a payment and you accepted so therefore the 14 day and court hearing is  essential void. 

Soul proprietorship sounds like a bad idea unless I only help out with the rentals occasionally, but neither of us plan to take a salary as my w2 job will support us on its own.Based on the facts provided, are there suggestions for how to structure the rental business and what type of entity if any to use?

still not quite safe but used to be really bad. 

The enrolled agent on this site also goes onto state there is case law (court decisions) that were in favor of cost allocation on Sch E, but the actual cases were not cited, and that if you were "aggressive and willing to fight with the IRS" the case law might actually support this.

Just because I am not an accountant does not mean I am providing bad advice in fact my comment correllated with a few things you mentioned as well.