Apparently the hotels ganged up with the teachers unions to get this pushed through the city council.  

Do I need to file the LLC in both our names to enable us to take full tax advantage?

Having the owner hold all or most would enable me to invest more money into the business initially.

No pressure;) But the point is it can be done, and I know IBD (and 'platforms' like TC2000) are good enablers.

I'm hoping that a FHA or 203K loan will enable me to acquire a great deal after I find one.I'm looking forward to connecting with you guys and would appreciate any tips about how to determine which neighborhood to choose when considering buying a small multi-family unit.

I did not do anything except do repairs that were needed including a new roof 1 year that whipped out profits for a while.I got the discounted value because they also had a "right to buy" program which enabled the local authorities to sell of properties that they once owned.

Choose wisely.Lastly, work with someone who has the heart of a teacher, not that of a salesman.

Buy renting the property and establishing your intent to hold it for productive use you are adding an huge to your net return by enabling the 1031 possibility.Good for you.

A good teacher is Jerry Norton on Youtube.

Shortly after, I got married & my new wife (who was a teacher & not making much money either) bought into my investing mindset just enough that we bought a duplex & moved into one side. 2 years later we bought an identical duplex, the second building over on the same cul-de-sac.