As a PM, you could handle the day-to-day operations and the partner could play role of silent partner, financier or whatnot?     

Consult an attorney to draft the operating agreement of your LLC.

If you do keep them, I would also advise taking them to a gun shop to get checked out for safety to ensure they are actually in operable and safe condition for use.

I operated at a small loss for years but when you add depreciation I'm sitting on 35k of deferred losses on paper (my W2 income was too high to claim the losses).

nice cash in the bank.. and then be the bank.. not the operator. sometimes being the bank you end up as the operator by default.  

My wife and I have a "vertically integrated vacation rental development and operation" business for the past 14 years. 

@Michelina Clark Hello Michelle & Richard, I’m a local investment property specialist and licensed realtor here on the Central Coast operating throughout  San Luis Obispo County.

There is a cost to LLCs; state annual fees, bank fees, accounting fees, and simply the cost of the time to operate multiple LLCs. 

I prefer to operate based on what is best for me and have the experience to do it safely.One of the easiest legal ways to target seniors in screening is to have higher than average minimum credit score requirements.

Why do you not include your monthly mortgage when subtracting  operating expenses from your Net income.