So the LLC would be what the IRS calls a "disregarded entity". 

OR, you both own units in one LLC (really, a MMLLC) that owns properties.If the latter, technically the general rule is that the LLC is a partnership for federal income tax purposes and should be filing a 1065 and any related state/local partnership/business returns.As you noted, there is an exception for community property assets.However, treating it as disregarded, when it shouldn't be in this situation, isn't a huge deal at the federal level because of Rev Proc 84-35. 

Real estate agents often disregard investors. 

This type of LLC is known as a "disregarded entity".But since there are multiple members that means that the LLC is a different taxpayer. 

LLC-B will be a disregarded entity, so everything will flow up to LLC-A  and taxed accordingly.

Short-term rentals depending on the amount of services provided to guests and the average stay of the guests can be reported very differently on your tax return.Furthermore, to point out, doing your business taxation may be connected with your individual tax return filing if your LLC is a disregarded entity(single member LLC).Some questions to ask1) Are they familiar with the state taxation of where you live and where your property is located.2) How will they provide value to you?

We don't know how well vaccines will be distributed or even adopted.Are you all disregarding these unknowns with potentially massive consequences to ROI over the next 2-4+ years and just being more careful?

This rule should be disregarded.

While that may seem obvious, it's easy for new investors to disregard today's cash flow in lieu of our deep aspirations for future success when our current market is showing a trend of strong appreciation with exceptionally low interest rates.I mentioned being a Marine earlier because as a Marine we were trained to always have multiple courses of action (COAs), as I'm sure you're well aware. 

The appraisals would change after 2 sold as only one would be disregarded as an outlier.