K.C.
My girls are only a little bit further apart than your two. They are 27 months and 3 months. We also live in a two bedroom, and for now are keeping baby with us. As fantastic as my toddler is with her sister during the day, I am a little to nervous to leave them alone together, especially all night. Does a crib tent go all the way down, like through the bars? I know what it is, I jsut don't know exactly how it works.
My toddler loves to "share" with her little sister, by putting things in the crib. I am nervous that as baby gets older these will be things she shouldn't play with, and I won't notice right away. We are in the process of house hunting right now, so hopefully by the time we are ready to let baby sleep alone, she will have her own room.
What about putting the toddler to bed before the baby? Having baby fall asleep in the pack and play and then moving her into the crib after big sis is fully asleep?
Good luck, I know kids share rooms all the time, in fact I shared a room with both my little sisters when we were kids, but I just don't know how i would do it.