No LLC Needed: This keeps things simpler and avoids the state income tax associated with forming an LLC in Tennessee.Steps to Set Up Tenancy in Common:Purchase the Property: When you buy the property, instruct the closing agent or attorney to list both of you on the deed as tenants in common.Draft an Agreement: While it’s not legally required, it’s smart to have a written agreement detailing each partner’s responsibilities, the split of profits, and how decisions will be made.

One customer said they were uncomfortable with the neighborhood and didn’t like seeing the other home so close to ours.

Closing costs will be less with this route. 

For example if one was close to retirement they may find themselves in a much lower tax bracket. 

This can be advantageous in making offers to purchase more competitive, allow buyers to be more aggressive with purchase price and reduce closings costs.

They accept financing so all cash is not necessary and we are asking them to paying for closing costs. 

@Josh Randall thanks for asking, I should get a better idea over the coming month, your point about experience, one of them has been in the business for close to 20 yrs, and did very well until the music stopped, the euphoria of the crazy returns got to many, and the game changed from running properties well to flipping properties fast, Asset management wasn't given the attention it deserves because you were in and out before it mattered.

The studio has large windows on both sides of the unit so i do not want to loose any of that natural light, and I am thinking of eitherA - Doing a full glass partition wall with glass door, with smart glass that can frost to create privacy when in use and allow sunlight when not in use to both sides of the apartmentorB - Doing a higher end full wall foldable partition on a track that closes the whole new "room" into a bedroom but can close back up and fold away to make it a studio again if not in use.Thanks for your input

Obviously I want it to be fully legal and licensed.  

I would like the tax benefits of the entity and want the business to run professionally and legally.