I use to work at PwC in NYC. I know a few things about structures since audited private equity companies. There whole purpose is to lower taxes for there investors. For normal individuals not investing in multi million dollar properties it looks like setting up one LLC would do the job to start. You really don’t need anything crazy just something to protect your personal assets from your business liability.

I agree it shouldn’t be complex but as I’m occupying one of the units I want to better understand how costs and appreciation would be split

From my understanding it’s slit by square footage. If you occupy 60% of the square footage the. You can deduct 40% of the expense