You will have two separate K-1s as you are each individual owners.  

Being the military, it had that definite institutional overtone to it, but the basic premise was the same.I recently toured a new senior's complex in which on end - for those who were still relatively self sufficient - had individual units (bedroom, sitting room / kitchenette ... effectively a bachelor apartment but without a full kitchen) clustered together in groups of 4 with their own common room / kitchen and courtyard.On the other side of the complex were units for those who required more assisted living.  

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Create a separate "operating" LLC to handle management activities, including collecting rent and signing leases.

I have a referral I can send you, I recommend going with an individual with experience in co living rather than a traditional company who doesn't really understand the model.

Looking to either sell individually or as a package to an investor.

I don't understand if I count since I'm living in the property or if it's only the tenants that count towards the limit of individuals that are unrelated living together.

I've made a call to see if I can link a Schwab HSBA (health savings brokerage account) because Schwab said it was possible but Optum said they would have to "create a case" for that, whatever that means.

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Quote from @Martin Jones: Hello, I'm young individual who is interested in long term buy and hold multifamily real estate.