If you haven't done this before, it'd probably be worth it for them to do that and the paperwork. 

For now, while I am living in the property and waiting on necessary paperwork(I have question on this) to be done, I will be trying out airbnb and short term renting to students or other professionals (i.e. nurse, patient visitors of nearby hospitals etc) myself.While I want to maximize my profit out of the student rental opportunity, I do not want to be in trouble when it comes to tax, license, IRS and govt.

However, start piling up the paperwork and deliver notices like clockwork.  

However, have your reserves lined up.Some issues:1) Lenders, especially agency, only loan on actuals so may make you underwrite more reserves or lower LTV2) If it's bad tenants and they have multiple lease violations (hope that the seller has been doing notices since you'll be assigned leases at close), learn the FED process and get ready to start generating a ton of paperwork. 

I won't discuss CCorps as I spend very little time on that arena.I will fully agree with talk to an attorney to help to draft up the paperwork properly depending on what situation you are in and what you are trying to accomplish - a different transaction structure such as a straight asset sale could be a better choice.1) If the entity is formerly a partnership, now disregarded, rev rul 99-6 walks through the analysis that has us treat as an asset sale 2) If the entity is formerly a partnership, still a partnership, 754 gives you an avenue to agree inside and outside basis3) If the LLC was disregarded, and still disregarded, we also treat as an asset sale - the assets are treated for federal tax purposes as held directly by either party.4) entity was disregarded and now a partnership - rev ruling 99-5 provides the mechanism for what is effectively a step up.5) if it was formerly an SCorp, we can maintain SCorp status and run a 338(H)(10) transaction to achieve a step up in basis in the underlying assets.

Besides all the paperwork the contractors have to do they get NET 30 payments, extra inspectors stopping work for a week.

You can also contact a State Marshall who will be the one serving the paperwork.

I would encourage the renters to fill out the renters relief paperwork or contact their local Non-profit. 

Are you willing to handle the massive amount of contracts / paperwork that come from hiring 10 different trades?

Welcome to 2020, landlords are evil and you need a ton of correct paperwork to protect yourself.