There is already a management company in place and they have operated it for the last 3 years like this. 

@Neil Smith, I'm sure there are a LOT of different ways to handle these things. 1) Tracking income & expenses such as rents, repairs, rehabs, etc I use quickbooks online and have a bookkeeper handle it for me even though I am a small operator.

As for the tax side of the question, your CPA can guide you on the tax benefits and risks before you start the Series LLC, but they should be very involved in your record keeping during the year to make sure you maintain separate records of the Series LLC while they are in operation (read the Texas Series LLC statute regarding record keeping required to maintain separate Series status).

If the LLC has a correctly written operating agreement, it has more options to decide when to pay, or to keep reinvesting the proceeds perhaps near indefinitely, and/or continue to disburse income without paying the judgment. 

We do all our banking from our front facing LLC- all operations and property management function out of that LLC for all our buildings.

I was approached through the operators of this syndication.

If you intend to aim it at W2 Millennials, maybe a Chipotle would be a good fit.And about the restaurant, the menu drives the equipment selection, so when you say you have bought a restaurant, you have bought a menu.I say this because a restaurant is a unique business, and you might want to lease out the space to a successful operator looking to add a second (or more location).

You know you will not operate like the previous owner.

Does it have to be zoned commercial plus residential for us to both reside and operate or business?

Whether you are investing in a small multifamily apartment building or a 200-unit apartment complex, to follow are strategies and insights to consider when evaluating your next multifamily investment deal.Understand the Renter ProfileThe tenant profile of a multifamily property can provide great insight into a property’s operating and turnover expenses and the overall stability of the property.