There's no right or wrong way to do this, just varying levels of risk and the only proper route is the one you understand. 

It sounds like you are already doing move-ins perfectly with photo evidence and proper documentation.

However, in markets, like Dallas - proper, condos do well, but there are so many things to consider.

I live 2 blocks away :)  I had another one in Portland proper same thing you could not get in it stunk so bad you could smell it from 15 feet away as you walked up..

The risk of the business is on you and whether you have the expertise to pick the right asset, in the right location, and operate it properly.

Give them proper notice and get them out2. 

Proper structuring with professional guidance is key to achieving both parties' goals.This post does not create a CPA-Client relationship.

—and work with an accountant to make sure everything is properly documented.As long as your primary goal is to sell the property after renovating, your profits won’t be taxed like long-term rental income.

You want to properly classify transactions such as Contributions/distributions if they are between the entity and the owner itself.If the entities are not direct owners, you have have a Due to / Due From to properly keep track of money owed between the entities.Best of luck!

Construction i completely understand it runs in my family. money is not a issue for me is getting the proper knowledge in this field so I do not fail.