I know that there is a plethora of forms on the internet and folks pass them around like candy, but truth is, the property management business involves a lot of legal issues and situations.

From what I have learned from both the internet and colleagues is that the finances are the hardest part of getting started.

It's like building your own little corner of the internet.

who may chase you around the internet with a digital pitchfork.

Search the forums and internet for "roommate agreement."

Both also take longer than strangers on the internet will tell you.

Hi Christopher, I'm a realtor in the area and I thought I'd run some numbers for you just to get a better picture of the risk/reward of a LTR vs STR.Currently netting $250 a month on the LTRIf you rented it as a STR on a nightly basis for $135 with an expected estimated vacancy of 56% (average for the area) that's a gross income of $21,681 less your mortgage $17,400 and less expenses such as water electric and internet of an estimated $4200 puts your annual net at $81.To make the STR profitable for the additional work you'd have to rent it for more than $135 a night and for more nights than the Nashville average of 44% occupancy. 

Money for working capital of the company.Trying to do this yourself from advice on the Internet is probably going get you into a hole if there's some sort of problem down the road between the llc members .

I recommend you spend some time searching for advice in the forums or around the internet and learn how to manage roommates.

I cash flow about 300/month because I pay for internet and water (long story on the internet part), yes I know I could increase the rent, but not yet.