@Rome Gal, btw La Costa Resort and Carlsbad Village Inn both sell the same business model as the Hard Rock Hotel in downtown SD.

If you can't treat this like a business and get rid of bad renters, then I recommend you hire someone to do it for you. 

Sometimes the stresses in a given location cause actual failure in the structure.

They give you discounts on West Elm, Pottery Barn, etc and a membership is free if you have a business.  

That is cool, but for those running a business at any level of scale, not of any significant importance.

I see many first time investors make the mistake of buying in a college town, but not where the students want to live.Business Sprints - You work like a lion in this business.

If your LLC is not doing business in MN, then it would seem to make sense to register it in CA to avoid the need to pay registration fees in 2 states, if you can avoid MN filing fees and requirements. 

My business partner and I are considering starting a real estate consulting practice where we would advise buyers, sellers and investors on the buying and selling process.

I assume, I will have to open business accounts and use those to manage my business expenses and business earnings etc. 

The rules are confusing me for whether this is only needed for hiring an individual independent contractor or if it's needed for hiring another business as well.