I have kind of a long complicated story that I’m guessing nobody really wants to hear so I’ll cut to the chase.

Pete,Mortgage rates are falling fast and the FED meets September 17th-18th and its a 99.99% they will cut the FED rate by .25. 

However (I'm an insurance agent not an attorney) the legal wrangling of the PM not taking a necessary action could set up a situation where the insurance carrier pays then subrogates back against the PM company for their inaction so the property manager should also have appropriate general liability coverage for their business.This next part can change by state and insurance carrier...Being named as lienholder or mortgagee can set up the lender being involved on the payout of any damages - say there is a fire the checks cut for damage could name the insured and lender so both parties have to agree how those funds will be used.Some carriers have a rule that if the loss amount is under a certain dollar amount the check is only cut in the owners name / if the loss exceeds a threshold (say $25k) the check is cut in both the owner and mortgagee names.Being named as loss payee is literally that - the check is cut in your name or both the insured and your name. 

The reason being is that their own funds are still secure and not tied up in the deal.

How long do you wait out a market if there is a decline in rental prices before cutting your losses? 

Not an attorney, nor a CPA, and I don't play one on the internet, BUT, things to consider if you would want to run revenue through your LLC...The LLC would need to be tied to the property in some way, either as the owner or manager.

If it cuts too much into your profits, look elsewhere.

Check out the cuts next time you're in one of these houses, they are usually flawless.

Took a 20k pay cut.

I have not seen 4" copper waste lines but I have seen a lot of drain lines from sinks and bathtubs that are copper and that eventually tie into cast iron.