Just to clarify @Mike Fletcher, the importance of the formation of the Michigan LLC to isolate your assets is not particular to the fact that it was formed in Michigan correct?

This provides isolation to protect your personal estate / possessions and is your first layer of protection.The S-Corp is your operating company.

Adam, you cannot be lenient, it does not matter if you have 21 or 2100 units, you have to have firm rules and a system that is consistent, send a strong message and is willing to move forward with the next steps if need be, in the same respect if the tenants have been in the units for a long time and now have started slipping you have to ask yourself, if something happened to them and if this is an isolated incident or has this become or always has been a chronic issue.

Although there was an extended lockdown period, I believe the decisiveness to reopen small businesses such as restaurants ahead of other states substantially helped isolate and limit the economic hardship to tenants and landlords.In a sense, it provided the perception of a light at the end of the tunnel and helped landlords work with tenants on rent payment plans.

If its cost effective for you, many investors just have one flip per one LLC so they truly get isolate and discard the liability. 

@Kieren Gromowski my big concern would be that Manhattan is a small market that is geographically isolated from any other metropolitan market.

@Joe GeistYou don't really "borrow from the cash flow" in an isolated fashion. 

Ours was not an isolated incident.Other fake websites, representing seemingly legitimate lenders, have appeared with the same phone number.

Some flippers do this so it isolates the liabiilty, and when the property is sold they dissolve the LLC. 

This is not isolated to one broker unfortunately.