Based on what I have heard/read thus far, it seems like I don't need a formal legal structure such as LLC for running this is as an active business (but I may set up an LLC for asset protection, which is allowed by my mortgage lender).

Hi,I had a quick question about my residential property. It has recently been paid off. What should be my next steps:Should I move it to my name or put it under a holding company / Trust or have it under an LLC? I wan...

By doing so and if structured correctly you may find your tenant covering most of your mortgage and monthly expenses. 

Your structure is complex and not cost-effective.

It's also worth mentioning that it's better to consult the CPA BEFORE you make a major decision (buying, selling, converting to rental, etc), since that's when you still have the opportunity to strategize and structure the transaction in the most tax-advantageous way. 

The people I see with tens of millions or more with money find the best people they can and structure systems to realize more free time.

I know people handle the hiring and pay structure of their contractors differently.

We've been educating ourselves on creative financing and Subto and would like to know if there are recommended professionals in the DFW/ Texas area who are experts on structuring a creative deal who can essentially advise us and take care of the process for us. 

If I were to take money from family and friends, how is it best to structure it?

It looks like they are there to reinforce the decking, but there are no joist hangers or cement footings (down to frost depth).For me...I would have a structural engineer come out and evaluate the footings of the buildings to ensure it's sound.Good luck in your search!