If you must retain some cash, consult a tax advisor to understand the liability and optimize reporting.

Consult your tax professional: while podcasts are great, make sure you have an existing relationship with a tax professional you can trust.

i have ALF in florida, and there is easy to get it done, but i did not see any help in new jersey , no consultant etc, who can help me please to open a small ALF in new jersey

Depending on your loan it might only work in the STR game.HOA’s normally do not allow in the Oceanside area but if you get on the beach then they do with restrictions.If you want a personal consult let me know.I have a team here in Oceanside, Carlsbad.

>>For purposes of taxes, consult with a CPA to confirm this would work for your situation, but you could have the LLC be treated as a "disregarded entity" and thus, even if you and your wife are members, any profits/losses would "disregard" the LLC and go directly on your personal returns. 

Consulting a tax professional or financial advisor familiar with these rules would be a wise step before making any decisions.

You will want to consult with a lawyer.In regards to your last two questions here's some background on what makes a contract valid and enforceable:Offer: A promise to do or not do something within a certain time period Acceptance: A clear and direct statement that all terms and responsibilities are accepted Consideration: A legal and adequate inducement given in exchange for the promise Capacity: The parties to the contract must have the legal capacity and competency to contract Awareness: A party must be aware of the contract Legality: The contract must be legal in the jurisdiction it will be operating in***Not legal advice*** Steps I would take: -Review contract in detail to understand each counterparties responsibilities (if you are not aware)- Email a copy of the lease to each of the tenants listed on the lease and reiterate lease expectations for termination notice, rent payment etc. - If the lease was signed via Docusign (other esign may have same ability) - you can go to the envelope, go to history and view the IP addresses for each action taken.

Oftentimes my initial consultation call with a potential client runs 1 hr and that still doesn't give me enough time to cover everything about the STR market on O'ahu.  1.  

It’s also important to be as specific as possible in the scope of work for each line item—clear details can save you from misunderstandings or unexpected costs later on.I specialize in consulting services for situations just like this, helping clients work confidently with contractors by bridging the knowledge gap.

I can tell from your questions that you are in a bit over your head and before you make an incorrect decision you should STRONGLY consider a consultation with someone.