Is that a cast iron tub or steel tub?

Yes ironic, but "grandfathered" is an actual term as I explained above for the three house you explained were built in your lifetime.

Ironically, I just wrote a blog post on my scaredycatguide website about why people should manage their first property.I did that and still manage a couple local ones and have property mgmt for all of my out of state stuff. 

Do you see a deal ironing out in this?

However, I’m wondering how cautious I’ll need to be with buying homes 100+ years old, or if I should avoid them entirely.The issues I’m most concerned about addressing are:-Knob and tube wiring-Foundation issues-Plumbing, cast iron pipes, galvanized piped-Lead based paint-Asbestos-Old single pane/drafty windows-Old HVAC systems-Roof-Historical preservation rulesI intend to leave the work of fixing most these issues to electricians, plumbers, roofers, etc.

Great point both of you...so after that’s ironed out...still curious as to what you all might think about the best way to leverage what we currently own. 

While they can offer great returns, if previous owners haven’t replaced older systems, you’ll need or you will spend considerable more in routine maintenance and capital expenses both. from cast-iron pipes to electrical (Knob-and-tube wiring (sometimes abbreviated K&T) to foundation issues, I’ve seen it. 

Amenities like a bbq/grill, patio furniture, etc.

The main one, ironically, is the team relocating (which has been discussed for years), the stadium being demolished, and the site being redeveloped: http://www.stpete.org/city_initiatives/tropicana_field_conceptual_master_plan/ - which would make the surrounding area a very interesting long term play. 

But, as for the partnership, an LLC will not make your partnership iron-clad.I am 100% against partnerships and Airbnb's have a whole sleuth if inherited problems.