Did you explain to a lawyer what you wanted to accomplish he was able to put together a LLC and other legal documents to spell out rules, responsibilities, earnings allocations, etc?

If a portion of property is rented out, and a portion is used for personal purposes, any reasonable method of allocating expanses between personal and rental use is allowed."

You'll need to carefully manage the booking allocation as rooms are finished, and have solid schedules that are stuck to, to maximize cash flow.

Or allocate three acres to investment and only the house on a small lot as your primary. 

They will most likely have to allocate your utility payments based on the square footage of each unit to account for deductions.There's a lot more to discuss as with any new purchase. 

Hi Guys,Having several properties divided into several LLCs.. these LLCs are owned by a Parent LLC, which is owned by a partnership.LLLP -> Holding LLC-> Rental LLC1/ LLC2 / LLC3All income/expenses are flowing out/in from a single bank account.im using QB to account and allocate by classes, so no mess there.i heard there is a need to have a bank account separate for each LLC, it seems excessive and cumbersome to me.is there a better way to go about this and maintain a balance between protection and ease of operating?

It shows your asset allocation and holdings and has a retirement planner that you can adjust based on your goals.  

If all my people and resources are in one place, I don't need to track time across properties, I don't need detailed tracking to ensure the repair costs are allocated to the correct property, and I don't need all the other complexities of managing a multi-location portfolio.  

Go do your month to month calcs and never take out capex allocation.

Wu I would analyze this deal based on risk management and capital being allocated to make this work.