Unlike many landlords I am not afraid to operate my business I do not di*k around with slowly easing tenants to full market. 

Check out the living cube concept for trendy grown up style bunk beds with storage and entertainment centers underneath.

For a proper LLC you need an Operating Agreement relating to real estate, you have to follow the rules to the "T", and you have to never make an error within your LLC like co-mingling.  

We have given notice to the current 3rd party management team that we are going off on our own and kicking around the idea of doing 3rd party management ourselves for other operators.

We are in the process of organizing the operating agreement and possible sale of the building. 

. - good post, as you mention NYC is a bit complicated, if your interested in the Airbnb impact, Planet Money did a podcast fairly recently on the impact in New Orleans, while it mostly focused on the operators, they did have some data on the impact to property values as well:https://podcasts.apple.com/us/podcast/planet-money/id290783428?

It also is helpful to have a California LLC in case you ever sell that property and move into another state so that you do not need to form a new LLC altogether with new operating agreement, just re-register in the new state as a new foreign LLC.Obtaining a loan in an LLC can be difficult, but not impossible. 

Thank you for sharing @Dennis Juanir,ELP is definitely a great rental market, I am not to sure about the Flipping market as there is way too much competition.If you are doing one deal at a time without a pipeline of deals, your operation costs will increase.Finding a fix and flip deal on the average house price of ELP of $140 - 150K ARV means you have to get the deal for $91 to $105K and that is not counting any repairs you have to do. 

Property 1:Rent: 1625Mortgage: 560Repairs: 1000Owner Operating costs (utilities): 382Management: 114 (8%)Taxes: 100Capex: 112Vacancy: 70Insurance: 67Property 2:Rent: 1745Mortgage: 765Repairs: 3000Capex: 175Vacancy: 87Utilities: 60Ins.: 70Taxes: 105Management: 140 (8%)Thanks for the help @Taylor Chiu

What does your typical operating/maintenance expense look like once under this policy?