It can be much less expensive (in some states) and much less hassle than an LLC or other entity, which most people don't recommend for a single property.For $0.45 per month, why not have the extra $1M in coverage?

You can always establish entity at a later time, the main purpose for that would be asset protection.

If multiple people/entities own a rental, is it possible to direct the tax benefits/write offs to certain parties that would be not in line with the percentage of ownership held by those parties?

I was thinking with my mortgage experience I could always start looking for deals to wholesale, fix/flip them or do a lease to own option and be able to have a separate entity (mortgage brokerage) that finances the purchase for them. 

We all take into account business entities, taxes and different types of deal structures to make sure we keep as much money in our pockets all within the confines of the laws.

If we don't, we'd form another legal entity just for this. 

The LLC, as an entity, would continue to own both SFRs and apartments.

Go to this link if you would like a more comprehensive explanation of the "Due on Sale Clause"... http://www.creonline.com/beat-the-due-on-sale-clause.html .In my lending career, I have dealt with countless homes that are deeded to to a trust or other entity, and other than having to deed the property out of the trust's or entity's name back to yours' (and then, back into the entity's after the transaction) in a transactional situation, the bank does not seem to care.

Wanted to form an entity (llc), and get my ein.

For the 3 government entities HUD is hudhomestore.com.