However, with TK properties in some areas like Memphis or other cities with a well established TK operator presence, it's a little more complicated.

Now, if the LLC is a single-member disregarded entity not filing its own return, my interpretation is that you acquired the property for $30k.If the LLC files its separate return, it can buy the note from you for $10k, achieving the same result: $30k basis in the property.Or you can complicate it if you or your CPA prefer complexity.

Trying to figure out what i need to hit the ground running so that it's a successful business and not just an extra paycheck to complicate my taxes at the end of the year.

It’s not super complicated but if somebody has never sold a property before, they’re highly likely to make at least a few of these classic mistakes: 1.

Partnerships are very difficult and the more people you have involved the more complicated things can get.

To manage a property is not that complicated.

It's not really that complicated to buy out of state.

Business would be important starting out but eventually you’ll probably hire out the more complicated business aspect (legal/accounting).

For duplex, the rules are a bit complicated for owner occupied. 

But the latter can just be complicating things unnecessarily, but a benefit is if you do think you will co-invest with folks other than your father.