No LLC Needed: This keeps things simpler and avoids the state income tax associated with forming an LLC in Tennessee.Steps to Set Up Tenancy in Common:Purchase the Property: When you buy the property, instruct the closing agent or attorney to list both of you on the deed as tenants in common.Draft an Agreement: While it’s not legally required, it’s smart to have a written agreement detailing each partner’s responsibilities, the split of profits, and how decisions will be made.

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You can only hold tenants responsible for damages caused by them.

If the owner was responsible for the booking, and you are simply taking care of people as they are there (you mentioned that it is a BnB), AND your contract does not state any terms for canceling they probably can do whatever they want. 

Or would upgrading electrical in those 3 units be my responsibility?

My neighbor with the same sq ft/layout just sold his for $1.3M a week ago, 3 days on market.

Find the meetups and go to them, but first tip would be to generate a value-add on your side.

Ultimately he is responsible for his own safety so long as you are providing a safe dwelling; however, if he is endangering others you have a couple remedies as I see it.

Yeah, let's kick that hornet nest and see what happens.Section 8 inspections are the responsibility of the agency to ensure they are done. 

I would pay my appraisers 50% of the fee, since I was providing all the business and had to review and be responsible for all the trainee's reports.