There's generally a setup fee and ongoing monthly charge but is minimal, like $3/mth.  

Since Amanda is only a property investor and does not operate a business, likely has no LLC setup either yet, she could in my opinion do both, (1) have a bank account for each property or (2) one combined bank account using a property management software that does allow to run accounting books per property.

We are both looking to learn from one another in the deal and make some money at the same time.My question is should I set up an LLC or an LLP for the purchase?

It was set up to allow the remaining spouse to have enough income and not have to pay for expensive repairs or loss of income from management fees.

Typically an ARM is setup like a 5/1, 7/1, etc... 

Greetings,I purchased a multifamily unit this year and setup an Air BnB. 

Next time set up video cameras, you can sell this story.

The time it takes to set up a vacation rental is the most lengthy but after it's all done it's just a bit of maintenance for guest comms, updating pricing, etc. 

The biggest pain was actually getting the business checking account and credit card set up.

Is it possible to set up a business whereby I could gain partial ownership/buy out over time through the profit that is realized?