hold on a sec, it seems what you described is a co-op ; co-op and condo HOA is different ; the unit is still belong to us permanently.

LLC. with an operating agreement between the two Technically, Hold Co. owns the properties, and Op Co. manages, although I need to do better at segregation of duties.

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For example, a PropCo (Asset Company vehicle which owns the property and the debt), and an OpCo (operating company, which operates and manages the property)?

The best way  to hold deeds  is in an LLC with holdco and opco or a multi member mm owning several sm single members llc.   

This can be 3rd party tenant but it seeems more likely you want to share in the Operating Company (OpCo) cash flow if any.You meet with a resort management company, review the asset and revenue centers and they will forecast what they could produce in terms of revenue in your market.

I have a LLC in CO and NJ, but want to set up an OpCo in WY that will own the other LLCs.