Needs to be re-done.

Downsides - will be totally disruptive to our lives to build, we would be relying on Airbnb as a strategy, which many people advise against. 

*None of this post is to be relied upon. 

No one has yet responded that operates in IL therefor no advice you have received can be relied upon without verification.

How do I best structure a partnership deal with a family member? I

We are using bank financing so each member is responsible to pay the down payment plus closing costs equivalent to their percentage of interest in the company.As far as the payroll taxes or 1099 that is something our CPA will be guiding us through.

However, if anyone can be recommended by a BP member, I would be grateful for that reference.Patrick.

Your LLC is a Texas LLC for legal liability purposes, and it is treated as a partnership for the IRS purposes.No changes needed.If the second member is your wife - you will simply report your rentals on your personal joint return.

*This post is not to be relied upon and does not constitute legal advice. 

Often I show properties before the current tenants move out, and if I know the flooring is going to be re-done or the paint will be all new, I showcase that in my description and at my showing.