Would this type of setup be valid for a FHA 203K loan?  

With many investment strategies out there to setup for great passive income, it gets a little stressful deciding which route to take.

Pam, I've seen this come up before and this Ryan guy had a good solution here on BP:Ryan Moyer:"I have this exact setup on one of my places. 4br main cabin with 2br casita, so I have listings for...1) 4br main cabin2) 2br casita3) Both cabins together for 6 total bedroomsFor bookings that originate on AirBnB it is relatively simple because they built in functionality for exactly this.

Don't forget to set up some key-word notifications on the forums here - that will help you see what other new investors are talking about.

After jumping through some hoops I'm setup to make my first investment!

The combination of debt paydown, equity build, and appreciation and time are what build wealth.I would suggest taking a couple months to network on BP...setup your keywords, follow the forums and a market will appear...I'm personally big on Columbus, Oh because I live and work here...but you will find some really well qualified investor agents on BP that can speed up your learning curve by doing some 30-minute interviews with them...unfortunately, you can't escape the legwork.Always glad to chat more on our location or investing in general.

Now I pay one price for a user monthly and that is it and get access to everything.I like the new set up a lot but can understand why you do not.

Or have you set up a JV between your SMLLC and this partner/investor?  

We need help to set up our system/workflow.

Many states require an LLC to borrow hard money. (3) Decreases liability, minimally, from legal action.Cons: (1) Costs to own and upkeep. (2) Often adds a costly step to buying property, as banks tend not to lend for single family housing directly to an LLC and therefore must be transferred from personal ownership into LLC. (3) Only limits liability if set up correctly—and many aren't. (4) Transfer from personal name to LLC can trigger "due on sale" clause.I'm probably the rare one around here who owns all my rentals under my own name.