A cost segregation study is a strategic tax planning tool that separates the assets that have a shorter useful life and can be depreciated over 5, 7 and 15 years from the residential rental property or nonresidential real property that are depreciated over 27.5 and 39 years, respectively.

This keeps the liability within the LLC and maintains the separation between personal and business assets.

As for the original post, I think something like this works best if it is concrete: dates (say the last week of July and December), monetary consideration (I would suggest a separate sublet provision wherein you pay them for use, rather than working out rent credits), insurance and liability requirements, etc.

Remedy after termination.If the rental agreement is terminated, the landlord may have a claim for possession and for rent and a separate claim for actual damages for breach of the rental agreement, reasonable attorney fees as provided in § 55.1-1245, and the cost of service of any notice under § 55.1-1245 or 55.1-1415 or process by a sheriff or private process server, which cost shall not exceed the amount authorized by § 55.1-1247, and such claims may be enforced, without limitation, by initiating an action for unlawful entry or detainer.

You probably should make a separate post one for Oklahoma and one for Texas whereas these are two different states.

An ideal bank would  allows one to set aside tenant's deposit money in a separate account that earn decent interest and is landlord friendly.

Why the IRS doesn’t consider stock or index investing as passive is a separate discussion.Many investors go for STRs and use accelerated or bonus depreciation to offset W-2 or ordinary income.

A single member LLC you can be considered a disregarded entity and therefore have it roll up to your personal taxes without a separate filing.

What would your monthly payments be verses the combination of the separate accounts all with individual rates you're currently paying on? 

Separately, if one might want to invest as a trust, via the LLC it may make some estate planning slightly more consolidated.