Jim,You rock!

Given these are new they are turn key as you wanted, now they are not the rock bottom prices, but they will cash flow and appreciate if the market continues its trend for a while in Colin County.Here is one for sale, Realtor.com listing, picture below is a similar house built some time ago.

Let's split the difference and assume $3525 per year or $300 per month.Looks to me like your carrying costs are about $2800 per month = $33,600 per year.  

It is best to keep in your personal names, and yes you'd still be able to split ownership percentages as you see fit. 

It is owned in an LLC and we are splitting the profit.

You can allocate a percentage of your home to be treated as a rental and split the common expenses based on that allocation-except for when you make repairs directly to those rented rooms (paint, etc) as those can be 100% expensed.

I"m with @Joe Splitrock  I have taken a legal class and I feel they would have a good case against you and it would not be in small claims court it would be in housing court.  

The only issue is the wet wall (where water inlets are will need green treated sheet rock at a minimum - under the surround).   

They bank and I work and project manage and we split 50/50?

If they're splitting the rent down the middle, which one would assume.