We are a growing family and need more space and of course, more opportunity for income building. 

I stumbled on some information about short term rental tax benefits as it pertains to lowering W-2 Income. 

Not to mention I got to write off over $175k from my income taxes using a cost-segregation study.  

Under the laws of most states, when a corporate entity is dissolved, until a court appoints a receiver, the business and affairs of the entity shall be managed under the direction of the trustees of the entity’s assets to undertake the acts necessary or proper to liquidate the entity and wind up its affairs.In the context of LLCs most state laws permit the remaining members (or sole surviving member) of a limited liability company or, if the LLC has no remaining members, the personal representative, guardian, or other successor to the last remaining member of the LLC to wind up its affairs.The title company needs to do its research and not resort to the "you need to reinstate the LLC" position that many default to.

Or the other likely problem - negative cash flow (the income projections aren't addressed here, and it seems highly likely based on the financing.)  

Net Operating Income / Property Cost = Capitalization Rate

What if it sits vacant for a month, and you lose the entire $3,500 rent income plus the cost of utilities, lawn mowing, and other expenses?

I'm curious on how best to structure this approach: Who owns what, who gets what, rental income & depreciation (all tax treatment).

If you need to build reserves after acquiring the property, allocating a portion of the rent towards reserves is essential, aiming for at least 10-15% of the gross monthly rent until you reach a comfortable level, ideally 3-6 months of rental income.

The remaining 1 million have a higher percentage of owner occupancy and also higher median income.