Probably uninsured, exposing me to liability. 

If this is a large corporation it may make a difference, or if the landlord was that bad and a point needs to be made, then maybe.2022 ...Sadly, landlords have found a way around the law by stating in their standard lease that in order to be "released from liability," for vacating early, a lessee may pay an "Early Termination Fee."

Hi Natali,I am not an attorney so I would suggest contacting a local real estate attorney but having an LLC should provide personal liability protection. 

It's generally coinsidered that you don't need an LLC until/unless you have many properties.The advantages you may hear about - liability protection and tax savings - do not really exist.

Make sure the policy covers business pursuits and understand that it doesn’t increase your loss protection, only covered liability ( suits).

Hello,I recently closed on a BFD deal and looking for direction on correctly setting up journal entries, to make it easy at tax time.In a nutshell...We hold a mortgage on the property with a principal of $150k, 4.25%, 30yr amort (liability)The BFD sale price was $300k, with a $45 downpayment, $255k financed at 5.5%, 25yr amort, 3yr balloon (asset).All transactions are run through an escrow agent, and we just collect the net difference monthly (~$325 or so).   

I’m not looking for advice to see if this would be profitable or not, right now I’m looking for first-hand experience with allowing guests the use of gym equipment and the liability that may come with it.

After that, a good layer of liability insurance. 

They have a MAJOR conflict of interest - they don't get paid until they place a tenant, yet they have ZERO liability for the performance of that tenant.If you hire an agent, you better make sure you retain control over screening & approval.

In Joes model, there is infinite leverage and therefore unlimited liability.