I'm contemplating renting out an investment property(non-primary residence) on a room-by-room basis with separate longer-term leases for each bedroom. 

Investment Info:Single-family residence buy & hold investment.

I don't care about that, but her loyalty is questioned at this point a bit. 

I was fortunate enough to have saved a decent amount of money to survive this long.I started my journey back in 2017 with a New Construction house that I purchased and lived in as my primary residence.

Investment Info:Single-family residence other investment.

It is not easy and you can get into big trouble so be careful.

@Liad AmirFor a landlord in a condo the outside of the property is taken care of like paint, roofs, and landscaping.

Not care, introduce legislation to bridge mortgage insurance requirements with lack of providers, get in the insurance market themselves?

Be very careful with arbitrage - run some searches in these forums and you will see the risks associated with arbitrage

Remember, a good agreement makes a good deal better, but a bad agreement makes a good deal bad.Also, as @Dan Heuschele alluded to, if either of you performs any activities whatsoever while residents of California, the state of California's position is that you will have to register your LLC with the California Secretary of State (even if formed in Texas or some other jurisdiction), file the annual Form 568, and pay the annual $800 tax.Also, by forming an LLC in Texas, you may be subject to the Texas Franchise Tax.So really the only person who can answer the question of whether you need an LLC or some other entity/arrangement is a qualified attorney who thoroughly understands each partner's situation with respect to themselves and each other.If you need a reference to a good one, I have one.