How to structure STR business

[Sarah Watson]

Hello! I've been reading BP for awhile now, but have not posted yet. My spouse and I are under contract on what will be our first investment property, a small single family home in small town in south central Missouri. We intend to renovate the house, and then open it as a STR this fall. I am confused as to how best to create our business structure - we do have other non-real estate assets, which I am reasonably concerned about protecting. It seems a STR is slightly higher risk than a regular LTR.

Should we - 

option 1: Do nothing - buy umbrella insurance and not open LLC/LLP. It would be easier to get a home equity loan/HELOC, which I think we will want to do in 6-12 months to scale up. Taxes would be simple as we could file as a qualified joint venture.

option 2: Open single-member LLC with myself as member and have LLC own the property. In that case, is all the income "mine"? This would make it harder to withdraw equity/acquire a HEL. I also already own a SMLLC as I am self-employed doing consulting work.

option 3: Open a multi-member LLC with us both as members and have the LLC own the property. My tax person says we would then be taxed as a partnership which is less favorable. (Missouri is not a community property state so cannot file as QJV under an LLC in Missouri)

option 4: Open a LLP or S-Corp... seems a bit much for one investment property, but what do I know.

What am I missing here? I'm feeling lost on how to protect our assets while still getting the tax benefits of a rental! Please send your thoughts and opinions and if you have a real estate lawyer in Missouri that you like, I'm all ears!

Thank you!