The value of the trust grows due to these earnings (subject to market risk, but not to real estate market risk anymore) and you draw a set amount each year (say 5-7% of the total value, you have to decide the amount when you create the trust).

https://www.forbes.com/sites/forbesrealestatecouncil/2017/11/15/five-goal-setting-tips-to-real-estate-investing-success-in-2018/#2b46bc9b3239

Hi,We're purchasing our first property to turn into an AirBNB and were wondering if anyone new of a good resource / checklist of all the things we'll need to buy for it, from setting up WIFI to can-openers. 

Last night one of them set up a circular saw and was cutting wood for their bonfire at 9:00 at night.  

Property #22-unit Property in Queens, NYEach unit is a 2br/1baAnticipated gross rents: $3.6k/moOperating expenses (per month):- Vacancy: $180- Repairs/Maintenance: $70- Taxes: $295- Insurance: $135- Property Management: $180 (did this at 5% of gross rents because I can manage the property myself but I’d like to set aside a portion in case it makes sense to transition to management).

You can probably just set up a joint venture agreement.

Goal is to be "Set For Life" in a couple of years and be able to travel anywhere anytime. 

Lastly, you may need to make adjustments, say the lot rent is 100 dollars low and they want a premium for the park .  

Adjusted Basis is about $60,000.3.

Hire a payroll company to set you up - they are cheap and efficient.