Ownership and profit-sharing can be split based on contributions, with you possibly earning equity through sweat equity.

It is about creating a balance between being open to new tenants and protecting your property interests diligently.By fostering a more secure leasing process, you can ensure that your properties remain profitable and that your relationships with genuine tenants are based on trust and reliability.

Until i ran into it all, faced it, worked through it and got good at turning problems into profits. 

Adding the current mortgage and utilities would be roughly $1,350 resulting in a profit of $650/mo.

If you are consistent with these action items you will avoid most claims, your business will be more profitable,  operate more efficiently and if a claim were to arise you will have all your ducks in a row. 

@Tom Hall - The answer is simply a "No."

What do you do with the profits from the company to avoid income taxes.

Determine the most likely sales price of the build (factor in the cost of the land also) and include all selling costs to arrive at your net profit and ROI. 

Are they profitable?

If you are very conservative purchase a fixer upper so you can force equity and hopefully have a low enough payment so that you can LTR the property or even sell for profit should the STR avenue not work.