The kids would probably much rather have that then a separate bedroom.

5 different attorneys on 5 separate retainers?

You can setup your LLC as a pass-through entity which doesn't require a separate tax return so the income and expenses from the LLC go straight on your personal return.

@Adam Rhodes  make the check out to both of them unless you have signed permission  from them to divide it evenly and send it separately to each. 

It's sick and twisted.I would just like to have the government house those who are forever homeless AWAY from the towns, out in the country paid for by the taxpayers for the benefit of the taxpayers.Giving them a 'Hand Up" works for the short-term homeless people (those who have experienced some misfortune but can get back to normal with some help) but it seems like a large swath of them need to be "cared for" indoors by the government.If that is sick, twisted or smug, then so be it, but living outdoors on city streets will not cure their drug behavior or their mental illness either.There are two separate issues here:[1] "America" has a homeless problem.[2] The Homeless have drug problems and mental health issues.I am focusing on issue [1], you are focusing on issue [2].Just my 2 cents.

Then look for rental separately.

We enjoyed it as home and did Airbnb out of the back separate entrance bedroom as well as rented the RV pad on the back of the property with a couple of different RVs that we flipped one at a time.

I’m considering two separate options for the rental, depending on cost/pay off:-Simply reconfigure the layout and make it more functional and appealing to renters.Or-Add square footage (possibly a bed/bath) and hopefully increase the value, functionality, and what it could bring in for rent.But seeing as how this is my first investment property my gut is telling me to play it a little more conservative and let these ideas simmer before pulling the trigger.

But they have their own living room, kitchen, bathroom, bedroom, office - it's a completely separate space in practice.

The best strategy for you will really come down to your individual risk comfort level.Whatever path you go with, though, treat the businesses religiously . . . attend to them in every way as separate businesses if they are separate and you'll hopefully uphold the purpose of an LLC with operating as a business in earnest.