I am currently analyzing an off market deal in a small college town, that is currently operating as college housing with a "rent by the room" style. 

May want to consider a multi-million dollar umbrella policy that will cover this type operation on your property.

What @Luke Carl has listed above is a very good start to what should be in you operating agreement.Think what could be an issue or disagreement in the future and address it in writing now.Also what happens to the share of the person that dies first?

What I mean by this is that the way public companies have to report about their operations isn't up to them, in the U.S they have to follow GAAP [Generally Accepted Accounting Principles].

Operating with no margin is not only stressful but risky.

Thinking about selling them and buying a car coin operated that will cashflow around $5K-$7K per monthI know there may be some good appreciation in the next couple of years..

We manage or operate about 200 rental units.

Myself and some partners have been looking at operating short term rentals in the Seattle area and was curious if any BP members have have experience with operating a number of them in the area? 

Would you say I should just operate it as a sole proprietorship for this then? 

It's hosted by Think Multifamily, and it's going to have a ton of education AND great investors and operators. you can go, learn more about the industry, connect with like minded people, and see if it's something you'd like to explore. https://thinkmultifamily.com/f...Let me know if you have any questions.