Thought about adding a hoarding clause... one of our tenants has a side hustle where they buy, build, and sell holiday gift baskets.

Seems like an overkill and all you need is an insurance policy as any good attorneys first question will be "how much did the LLC who is to be separate from you pay for the property" - when the answer is zero and it was gifted. the next question will be do you gift properties to others as well?

I am aware of California's Prop 13+58+19 prop tax inheritance evolution and its complexities with LLCs but we are not considering inheritance or parent->child gifting etc.

For example if you wanted to gift $100k to your child to purchase a business, it may be best to make your child manager, with say a 20% interest, while you and or your spouse maintain a 80% interest.  100% of any net income can still be received by your child as manger, or even for just his 20% interest, as profit allocation  need not align with ownership percentage in an LLC.

Sure if you dont have your own 3-5% down payment then yes use DPA if you really want to buy.After going over the pros and cons typically our FTHB'ers or first time home buyers end up getting a gift or bring in their own 1-2% down + 1-3% gift and end up with 3-5% down payment and borrow at regular FHA/conventional rates (avoid the DPA program rates).This is actual experience.

:)  Really though, I'm gifted and complexity is my middle name.

Looking at you @Lance Kawakami Steve every now and then there is someone like Lance that pops on to BP and thinks he is gods gift to comedy...

Keep them updated to reflect seasonal decor or recent upgrades.Offer High-Impact Amenities: Small touches like a coffee maker, fast WiFi, or a thoughtful welcome gift can transform a stay into a memorable experience.Stay Communicative and Proactive: Prompt, friendly communication makes guests feel valued.

Another thought you could just keep the tri-plex and gift them the net income each year...it's basically the same thing without any transferring. 

I have recently been gifted my great grandparents home and it's going to be a complete gut and renovate costing approximately 150k.