If my LLC holds title to 5 properties with no apparent liens on them (because i'm using my business lines of credit) do I look more vulnerable to a lawsuit because the deeds appear free and clear even though the LLC has all the liabilities?

The Governing Instrument A governing instrument is the document or documents governing the creation and internal affairs of the trust and the conduct of its activities.2 The governing instrument must be in writing and executed on or prior to the filing of the certificate of trust.

@Bryan Ghorbani You are right, a holding period of at least two tax years is highly advised before executing a 1031 Exchange.

I would not need to pull from savings to execute this plan. 

One podcast I heard recommended advertising it as an executive rental on Air B&B, not VRBO.

You need to have a plan for executing that rehab before you start.

My tenant requested 3 months stay of execution on Nov 2016.

I'm very conservative and i love planning and executing strategy.  

You can respond with, "I would love to be in charge of the planning and execution, I just don't have the bank to get the project off the ground."

I know a company right here in Cleveland that does several of these short-term rentals for utility company workers, executive contractors, and even a film crew from California.It always charges a high deposit and much higher rents than what the rent would be to more usual, long-term tenants.The owner did not mention any issues with extensive damage, etc, but then he was trying to convince me to turn my property into a short-term rental, so he obviously wouldn't.I think if you structure the agreement so as to cover any repairs when they leave, you should be okay.