So if they had the foresight to lawyer up on the indemnification clause, hopefully they had it as well in securing professional liability coverage. 

I would talk with a lawyer about how to structure it, but most of my borrowers use an LLC in the state of the investment property nested within a Wyoming LLC holding company.

We have created an rental operating agreement for the partners within the LLC.Do we need to consult with the Lawyer or legal team to finalize the operating agreement, so that when in need that document will act as a legal document towards our LLC for the members.

That said I am not a lawyer haha, if you need referral let me know these are just my thoughts as an investor...Reflecting on my experience purchasing rental properties in 2015, where I had a diverse portfolio across Birmingham, Atlanta, and Indianapolis totaling 11 properties, I opted for a middle-ground approach in terms of protection.

Talk with a NY lawyer about your plans and preferences and they can make it happen. 

They may have some lawyer recommendations.

Pay a competent lawyer/accountant $350/hr to deal.

Lawyers still have to think about the return on their effort which is why rich people get sued, not penniless people.I see others that are planning to do things that pierce the corporate veil.  

Are you a lawyer? 

I am not in the Los Angeles market, you will want to get referrals to a rock star eviction lawyer prior to the close.