When looking at an LLC, or any entity structuring, there are two angles to consider: tax benefits and asset protection.I frequently see asset protection lawyers recommend an LLC for each rental property owned for liability purposes.

I'm not a huge fan of the 3 way split - if the current owner is going to retain the properties, but you are going to rehab and manage them, and then you have another person fronting the money to fix them up.  

@Khandbari Rai Nothing wrong with them necessarily, but I’m not a fan.

The good thing about the MTR space is that this happens much less frequently than it would with an STR.

The guys are correct.Personally I am a fan of having a cleaning fee.

Having had over 100 single-family homes at one time, I'm not a fan of holding SFHs as a long-term rental strategy.

https://www.biggerpockets.com/...12 Frequently Asked Questions (And Answers) About DSCR Loanshttps://www.biggerpockets.com/...8 More Commonly Asked Questions and Answers to DSCR Loanshttps://www.biggerpockets.com/blog/eight-questions-and-answe...What Documents Do You Need for a DSCR Loan?

Keep in mind though, most times in these scenarios the lender would still be primarily lien holder on the property - so let's say if things hit the fan with your new "partnership"... the bank gets paid first. 

The normal local who do whatever it takes to live here and most that I know do not move frequently once they lock down an affordable LTR with a good landlord (until they hopefully buy their own place) and third type are those who have recently relocated.

We had previously lived in the town of Lafayette, which was 2 hours away from New Orleans but we frequently visited that city.