Always consult with your attorney before you rely on the above information.

@John Underwood, I definetly agree with you, but after I consult a lawyer, they told me the dog has showed propensity to bite, since I am also aware, if something happen, The landlord can also be sued.

I would honestly pay for a 1 hour consultation with a local real estate attorney and also with a tax professional.

I would definitely consult with a qualified Attorney to see if it could be structured correctly and what the costs involved.

If you do separate deals with other partners, you should then just establish new LLC's (consult with an attorney/cpa as I am not qualified)3.

Having said that, you should consult an attorney for asset protection (there are a few good ones here on BP). 

If you have to change it after the closing of the house, the old contractor will have to sign a release form (and he may want to take his time) and the new contractor has to be approved by the bank (which can also take a while).6) Know exactly how is the consultant going to get paid.

@Yengkong Sayaovong, it really is best to consult a real estate attorney in your state to give you the best answers!

I am not a lawyer so it is best to consult with a legal professional! 

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