I realize that direct bookings don’t have the protection or support (should something come up) that these platforms provide. 

Are you concerned about co-mingling of funds for asset protection or for some other reason?

But it doesn't give you much asset protection or save you on taxes.

If you use an LLC instead as holding entity, would you still need to use the multi member structure to perfect the protection, or a single member LLC would be enough in states that have built in single member charging order protection as sole remedy (not following Olmstead vs FTC)?

If we choose to proceed with the purchase what kind of protection or hold harmless do we need to put in place to make sure we are not liable for any tenant recourse.  3.  

Consider forming an LLC for liability protection or an S-Corp for tax efficiency if flipping frequently.This post does not create a CPA-Client relationship.

@Otis Clayton To partner in real estate effectively, establish a clear structure like an LLC for liability protection or a Joint Venture for single projects.

You can buy and sell without doing this, and you can defend against suits, but you would not be able to bring its claims - and an eviction is a law suit.Trusts offer no protection or limit on liabiity, merely makes it harder to determine who the real owners in interest are. 

Do you have protection?

Since Trust documents don't need to be filed, they won't know...Are you trying for asset protection or to "hide" from your tenants so they just don't show up on your doorstep?