This leave me with $800 month income. $9600 a year. $9600/$60000.

One of its shortcomings, and this would be noticeable from a quickbooks user, is their "accounting" has issues.  

Once that rehab is complete, and a few minor updates to the cottage house in back, the 3 units will be ready for many years of rental income.

The K-1s I received all show a Net rental real estate income loss on Part III line 2 as expected. 

What else should I be taking into account when making this decision?

We are 30 years old and just getting started on our adventure of building substantial side income over the next 10 years.

Should we open a new bank account in the name of the LLC that the other partners would fund?

What is your Debt to Income ratio?

If entities are disregarded/passthrough, you can keep up with more than 1 in a single QBO account using the location/business feature to keep track of them separately.If you want to discuss any of this further, I'm happy to answer questions and help walk you through it.Best of luck!

I’d advise you speak to a CPA as well, different trusts bring along potentially different income tax filing results.The maxmimum income tax rates on trusts are also reached far earlier than they would be on a personal income tax return.Generally trusts and LLCs serve different purposes as well (i.e.