Make sure to open a separate business account for the LLC to avoid co-mingling personal and rental funds.Unless legally required, avoid getting MMLLC as it requires you to file a separate tax return.

Legal status of titleHere’s the personal information you’ll need to determine1.

Questions: 1) Is this a good structure OR should I keep Operations LLC (Y) separate from Parent Holding LLC (X) and not under it to avoid any legal complications ?

Why not look at a duplex or place with a legal suite and you can live in one unit and rent the rest of the house? 

What is the legal way to separate out one lot, and sell it for $1M? 

If you’re asking how two immature individuals can handle their differences without legal costs then the answer is that they both have to give up the scorched earth policies.  

You can use an entity creation platform like Zenbusiness or Legalzoom to incorporate but you'll want to make sure you understand best tax / legal structure before you use one of these platforms to create an entity.

Tiffany Hi Tiffany,Marine Surf Waikiki is a good option for anyone who wants to do a legal STR in Waikiki area.

How do you decide on the number of tenants able to fit in one property as I know its more complex than purely bedrooms, not speaking about legality's though.

Or better yet could the former owner just sign something legally waiving their right of redemption?