Just need PnL (Profit and Loss) and B/S sheet (Balance Sheet) right?

I would reconsider doing STRs for that reason so that you can potentially take a loss against your W2 income.

Will small business follow (food trucks, bars)?

Discussing potential profit splits & what happens in a loss situation, liability, stalemates on decisions etc. are valuable topics to discuss.

After all my deductions and depreciation I have a Net Operating Loss.

But, You really can't deduct passive losses onto your main 1040, especially since you are in the 37% bracket. 

They would be good places to meet seasoned investors and service providers and they do not have any cost other than the food or drink you purchase.   

I asked the clerk if it was common for the contractor to not show up and her response was...most have outstanding warrants and leins and won't come near the courthouse.Not sure what you are out but it might be better to limit your losses and eat the money. 

We have 5 rentals in seperate LLCs that have created losses on our return.

(Rental loss = repairs or renovations exceeding rental income)