Gino Thanks Gino, Hi Matthew, without being able to do separate deeds, the 12 plex would likely be the most cost efficient but you will also need to consider the layout of the overall property, where as two 6 plexes may lay out better and more functional, and therefore attract a higher rent and desirability.

Is there an app that will layout a small scale development?

If you are house hacking, think about number of bathrooms, size of bedrooms and layout of the kitchen (can more than two people work in there at once and is there enough storage)?

I gathered all my notes in a 50+ pages document touching on the formation and maintenance of LLC and business structures, transferring assets, protection strategies, trusts, anonymity, insurance, levels of protection, etc. including when you should do it, how many properties per LLC, due on sale clause, selecting an attorney, fees, checklists and resource materials.Doc: https://www.biggerpockets.com/files/user/CosIorg/file/tritoriam-fileAsset Protection Decision Diagram - to help assess the need for asset protection, and what to implement : https://www.biggerpockets.com/files/user/CosIorg/file/asset-protection-decision-diagramAsset Protection Onion Diagram - what, when and at what cost one should implement in terms of asset protection - https://www.biggerpockets.com/files/user/CosIorg/file/asset-protection-onion-diagram-v2What is needed for complete asset protection OR the domains that need to be intersected to find asset protection - https://www.biggerpockets.com/files/user/CosIorg/file/asset-protection-spectrum-diagram (this is more of a joke depicting the nebulosity of asspro rabbit holes).How a fully implemented asset protection layout might look. - https://www.biggerpockets.com/files/user/CosIorg/file/asset-protection-structures (overwhelming and overkill for a newbie in REI)PS.

Let's break it down into two pieces, the LLC and the partnershipThe LLCYour current operating agreement should lay out ownership structures and contribution.  

After the new security issues arising with videoed properties that are posted on public places...OTA, MLS, etc....we have decided against videos that show the layout of the property, or other details that would breach the security of the home. 

If the property is fully leased and operating well, like your situation, the numbers might not make sense.A few questions to think about....Deferred maintenance or layout issues: If you already need significant updates, the conversion might be a good opportunity to reconfigure the space.

It is my firm belief that there is a market for every type of layout in the mid term space, especially when you're located in a major city like Chicago.

They'll layout 40k - 45k over five months and make 35k - 40k net after all costs and taxes. 

Just lay out the rules on pet size, breed, and how many pets are allowed.