You have two unrelated questions here.Question 1My impressions of your LLC setup is that having the ownership change over time is too complex with the potential for misunderstanding. 

@Ashly FrassoRenting by the room can be a profitable but complex model.

. - Based on sale of other units in the complex, I believe my current equity to be roughly $160,000, a little more than 50% equity. - The condo is currently leased through April 30, 2025. - August 2025 will be 3 years since I moved out.

What if you have an apartment complex with 20 units?

I also had horrific PMs, particularly involved with a 48 unit apartment complex in Houston.  

@Saul Vargas, to piggyback off others, sourcing a traditional SFH rental that meets your underwriting criteria will be complex due to interest rates and market conditions.

You can take out a lot of complexity when you buy property that only needs maye paint & carpet.

Or maybe even an apartment complex 20-50 units 

It is somewhat complex to try to explain on a forum, but at a high level, you (aka GP) and your family member (aka LP) would agree on how much the 2 of you would put in for the amount of equity needed (usually expressed as a %).

However, the higher initial investment, property management complexity, and potential vacancy risks can be challenging.