I'm definitely not trying to pass off the entire house purchase and renovation.

Here are some legal resources to answer questions: https://guides.sll.texas.gov/landlord-tenant-law/security-de...If possible, get your hands on a copy of "Every Landlord's Legal Guide" by NOLO.

This has resulted in an unexpected financial burden of $7500.In light of these circumstances, I am seeking advice from you all on the legal options available to me.

I'm just lacking the knowledge as far as starting the business off correctly as far as LLC's and being legally set up beforehand.

But I’ll definitely report back once I get started.

Yes definitely I would love to

Draft it up with legal help the submit, and see what shakes.

The LLC can offer legal protection, as well as create its own bank account to clearly show expenses used on the rentals. 

This is neither decent nor legal in many states.

I think you’re definitely on the right track and are definitely way ahead of where I was at when I started.