I went through this learning curve with our red-headed step child property.

To say all people are safe using dope or seller financing is foolish at best and someone needs to monitor the situation for them.Or, we could just let every child have a handgun and bullets and tell them to go learn in the marketplace.The info is available for free to learn to be a knife juggler, too.Will you commit to paying for the legal expenses of anyone that follows your advice?

Also, from my experience, it gets thrown off on parent-child listings because if the child books, the parent gets blocked, so it double-counts that income for those listings. 

All my advice is based on middle class wealth which won't see inheritance taxes.Technically, you have to pay income tax on anything your children earns until you are no longer claiming child tax credit and they are over 18. 

I am still a w-2 employee and have a newborn at home so looking to save a little bit of time on my end.

If it is a matter of having enough time to manage the STR yourself the next year, you should have a story of why you no longer can do that (regular work duties increased, another child, had to move, etc.)

You can also pay your child out of the rental property as opposed to the LLC.

She wanted to have her child in the excellent school district and often paid late but always paid so I let it ride. 

Note at end of life, prop 13 benefit continues if residence of deceased becomes residence of a child.   

It’s a risk vs. admin trade-off.Early on, many investors use one LLC (strong insurance + umbrella) to keep costs simple.As equity grows, move to 1 LLC per property (or state-specific LLCs) for better liability separation.If buying multiple in one state, consider a holding-company + child LLCs (or series LLC where available) to isolate risks while centralizing management.