Think of it this way: if you combined your personal affairs with your LLC's in the same manner as above, you run the risk of a litigant piercing the veil, and your personal assets would be at risk (especially in bankruptcy). 

In the case of LLC, which has an article of organization, every person listed is considered "member" and usually the person who "runs" the affair of the organization is "member /manager".

You'd be amazed at the amount of people that go looking around and snooping into your business affairs.

If you would like to talk more about the current state of affairs in South Lake Tahoe, please feel free to reach out.

The family is trying to fix it up a little (using a local handyman) and sell, but the house needs a little bit of work, one of them lives out of state, the other is not currently capable of handling the estate affairs due to health issues.

"I'm taking over managing the affairs of this property on <owner's> behalf."

There's no wheeling and dealing; it's a take it or leave it offer, said Rob Grossman, senior vice president of community affairs for Bank of America."

Background: I am an aspiring investor (buy and hold) who has spent the last year studying up, getting my financial affairs in order, and saving capital.

I'm not opposed to making it a family affair.  

What I mean by this is to do all of the things that you would generally do when operating a business: setup a business checking account, run the affairs of your rentals through the business, and possibly even transfer ownership of the rentals to the business through a quit claim deed (I am in the process of doing this myself right now).Another important document to have is an LLC operating agreement that govern the rules of engagement between yourself as an individual and your LLC.Food for thought from a newbie to BP as well as real estate investing.