I live in my own primary residence and that is fully paid off. 

There's definitely a few things to note since you are residing in Europe, most of the investors we work with that live over there do put it in an entity but there are a few details for how that would work since you aren't necessarily local. 

I believe he now lives in Portugal.

Because they’re ideal for creating comfortable and functional shared living spaces.5.

I live and work in the Atlanta, GA area.

My suggestions:* Requiring code compliance and safety equipment is absolutely valid and should be part of the regulations* Requiring owners live within 15 miles is not necessary since poor hosts whether they're local or distant will violate the 3-5 warning system and earn a suspension.

I think this arrangement can suit both parties, he wasnt going to be able to keep the house but can still live there for super cheap.

Pace was the only one I encountered who showed up live, who is living these deals out every day and consistently finding ways to deliver (increasing) value to his community.

Also, the state of formation is likely where internal disputes would be brought among LLC members, so if you and a partner and/or spouse live in CA, you probably want to arbitrate in CA if the two of you had a disagreement.

To this day I don't even live off of 10% of my gross rents.