Injuries, etc. are a separate insurance issue that may or may not be regulated by your state licensing agency.Contractor licensing is all about complying with state licensing regulations in regards to knowledge, solvency, taxes, code of conduct, and financial regulations.  

The biggest issue is liability for injury while doing the work AND you have no recourse when the job is done poorly.The question to the OP is, "What kinds of tenants are you renting to?" 

Next, they were rollerblading downhill in the parking garage with their friends after drinking resulting in injuries and the need for an ambulance to haul someone away.

Any future demo's & we'd be happy to help, he can pull the wire & I'll nurse all the injuries while painting & doing flooring :)

A little about myself: I'm a legal professional here in chicago with extensive experience in civil litigation matters concerning work and auto injuries.

If you are investing with that mindset, something is going to go wrong for you, either a tenant not paying rent, a repair that needs to be made, or a personal injury lawsuit because of a repair you didn't feel like making at the time. 

Should any tenets, their guest, or anyone on the property sustain any injuries and the property is owned in the investors name only; their personal assets are at risk.Tax Benefits From a tax perspective, and LLC formed with two or more members is classified as a “Pass-Through Company”.

Also, about your family member or friend wanting to paint, be careful of injury situation.

"Over the 2002 to 2005 study period, houses equipped with smoke alarms and a fire sprinkler system experienced 100 % fewer civilian fatalities, 57 % fewer civilian injuries, and 32 % less direct property losses and indirect costs resulting from fire than houses equipped only with smoke alarms.

Pushing 10% and over and that is LOST revenue and increased expenses to add insult to injury.