The partnership or business arrangement puts each of you in substantial risk, both legally and economically.

I'll use legal consul if I need to, but again, was hoping to get acclimated to self-managing and doing this, as it is apt to come up again. 

@Zack KorensteinMy tax firm shares some clients with @Scott Smith and his legal firm.

Is there a way to separate from them legally without getting a lawyer involved? 

@Warren Barton a PMC should pay the legal owner of the property OR that owner's lega representative.If the properties are in your personal name, to have the PMC pay your LLC, you'd need to name your LLC as your legal representative and provide acceptable documentation to the PMC directing them to pay your LLC.They'd then 1099 your LLC via its EIN.

I think it would be a nice touch for my STR, but I'm not sure about the legalities.

You can face legal issues because of the existing mortgage/loan.The other options are Contract for deed and Wraparound mortgage.

We just started with our STR (has legal TOT certificate) in Mariposa County near Yosemite.

Do buyers have the legal authority to give the tenants 30 days notice to move out immediately upon the deal closing if they don't want to continue having them as tenants?

Given that I need to live in the home legally, I am planning to move into the smaller unit that is currently brining in the under-market rents.