Catch: He stays for 4 years, I can utilize the property as well, but he is also there.

We were approaching our finals weeks at our University and our lease was coming to an end - so to save us the stress of trying to find an apartment in the middle of that (we had a very limited budget,) they offered for us to stay with them for a month or two for free.

@Kris Benson, You're looking for a "watering hole of the Serengetti" - you know the few  watering holes in the African plain that stay wet during the dry season. 

Always stay under 30% utilization. 

It’s whatever they’re comfortable with.  

Although I'm a lawyer, I'm not your lawyer, so you should seek separate legal advice if you feel you need it.The bottom line is that they are already in business together and should probably stay that way.If they were to split things up, they would have to transfer the property out of the LLC into their own names and that would cause problems and cost a lot of money.Even if they successfully split it up, neither one of them could refinance and it would be difficult to sell the property without the other one agreeing.They should either keep it in the LLC and live with it, or sell it and split the money and go their separate ways.What they are proposing would make things more complicated, not less.

I work full-time, wife is stay-at-home with our 2 boys, but she is very keen to start hustling again, and she'd be great at the AirBnB business.So I'm just airing some thoughts and concerns on how to go about this endeavor the smart way.

For reference, I have spent time as a Property Manager, Realtor, and Construction Manager in my career so I have a fairly high comfort level - don't need a full hand-hold. 

Hey @Mike Chmielewski - This is a bit of a grey area, but realistically, if this is your first home, & within commutable distance to your employer, and you'd like to owner occupy it, that's a really straight forward transaction.People move for legitimate reasons quickly all the time - (Job location change, not comfortable in the area, opportunity to move into a single family, etc.)Happy to chat a bit further about this offline.

So you have two options: Put down $45,000 for the privilege of spending $1,567 a month (base case scenario at $850 rent per unit), living in a worse part of town, and taking on a part time job as a landlord, or stay in your current rental for $1,050 a month.So, the question is, why are you even considering this?