If you don't know where to start, read this article I wrote recently for Biggerpockets.Best of luck!

There are some very good localized mentors that hang around BP and contribute with excellent advice and information on forums, podcasts, and articles.  

Here is a useful article that gives recommendations for creating a comfortable and beautiful design.

As per the article from CAS below, it does require disclosure.

https://www.ktvb.com/article/news/local/capitol-watch/new-id...

If I did, I would know, and so would your PM. https://www.payrent.com/articles/tennessee-security-deposit-...I’m also going to assume you have very little idea of what fair rent is. 

https://www.wbaltv.com/article/baltimore-city-selling-vacant...https://www.wbaltv.com/article/baltimore-city-selling-vacant...

I'd also recommend reading David Greene's article on building your core-4 for OOS investing: https://www.biggerpockets.com/blog/core-four-real-estate-tea...

I read the following article and the reference to the 'Dirty Dozen'; hoping that we have a better idea of whether 453 is the Holy Grail of unlocking cash and deferring taxes, or if we should run the other way.

I've done some google searches and found a few decent articles as well as a Report from a law practice on how to structure it and has a lot more supportive info which should help.