Fyi, here is a diagram that I use to show someone how I set up my JVs: http://note.ventures/wp-content/uploads/2015/11/jv...

Educated yourself on the pros and cons of that before proceeding in one direction.Here is a diagram to help with these questions a bit:

You don't have to do a darn thing, but if I wanted to do something I might change that spot where the table is on your diagram to a pantry and let them use the dining area as dining.

Rephrased: take care of the other "asset protection" sides before you worry about LLC.Here is a diagram to help you with this question:  

So responding to your post, the subject property was originally listed at 119k I believe if my memory serves me.

But don't get confused, nor rely on land trusts for legal protection.Here is a diagram to help you in your quest:

However, instead of calling they decided to show up Memorial Day weekend and complete the work on our primary house and then they went to the rental ans climbed onto the roof ans got right to work.

@Edward Mahoney  You're correct that FHA is owner occupied and as memory serves me, it's supposed to be at least 12 months unless there's some verifiable reason like a job transfer.Don't fake the owner occupancy bit. 

Here is a diagram to help you on this question.1.

This is the document that memorializes your agreement to assign the contract to another party in exchange for whatever fee you will charge.