@Anil Villamkandathil Educate yourself on how to collect rent and retain security deposits in Tennessee.  

I plan to retain the current building owner as the holder of the contract (with a small payment going to him monthly) to keep that business within those walls, and I'd operate the business for him.

Thanks, @Kim Meredith Hampton.With corporate housing, is there such a thing as a "retainer" where they sign your condo on a contract, say, for a few years, and no matter if there's a tenant or not, as long as your condo is under contract, then you'll get paid?

That's right, you sell it and still retain interest.  

I retain only a single multi family building there.I think the large volumes of luxury student housing is misguided.

In other words, if you want to retain profits in the LLC so that you don't have to keep putting new working capital into the LLC, you still owe taxes personally on the retained money.  

If you simply retain a % ownership of the property and let your parents live in the entirety  you're really not accomplishing much. 

I got her out of the property and I retained her security deposit good enough for me!    

(An owner who retains possession may redeem without a time limit.)

The longer you retain a negative CF property, the more negative CF you have to recover, the less money you have left to recover it with, and the longer it takes to actually recover it.