The criteria is both parties need to understand the risks and be prepared to deal with them, and a preferred set of legal docs should be utilized outlining “what if” scenarios. 

In the meantime, continue to document everything and follow the proper legal steps through the eviction portal if it comes to that.

Tennessee’s rules and your net-worth gap are exactly why you want the legal and tax pieces talking to each other instead of using a one-size-fits-all S-corp answer.If you’d like, I can outline a “model structures” I use for couples in similar situations (pros/cons, how income and liability flow, etc.) so you have something concrete to discuss with your local attorney and CPA.

LLCs, on the other hand, are intentionally designed to create that legal separation and keep everything 100% owned by you for protection.Florida and California each have their own quirks in how LLCs work, so the specifics can vary.

Realistically, I just don’t see 30 days as “medium” term, I think 30-60 days is still short term, but since legally most jurisdictions regard 30day minimum different from hotel type rentals, it’s easy, if not totally correct, to apply as a definition.  

Very few properties possess the zoning necessary to obtain a rental license for limited lodging which would be required in your case to legally operate STR's and list the rental on Airbnb's website.

It's certainly nice @Jay Hinrichs although my opinion is biased by my home market and the things we have in the price range is a fair bit of difference: https://www.zillow.com/community/evanswood/452295817_zpid/ and yeah, that pic is not a whopsie, indoor sport-courts a popular thing here. 

Smaller jobs can use a condensed version as long as you cover the main legal points. 

Always seek the advice of qualified landlord-tenant attorneys in your local area when trying to proceed using "do-it-yourself" methods, because of the legal complexities involved, doing so can potentially create significant exposure for landlords.

Make sure the downstairs is actually a legal unit.If the bottom level is being advertised as a unit, confirm it meets code (eg., egress, permits, proper electrical/ plumbing).