Hold them responsible and ensure they carry insurance.Now, with all those "layers" you can consider an LLC.

I don't think TRUST is the appropriate vehicle - - consider an LLC or S-Corp

I've told them it's a seller's market right now and most houses in our area are being sold between 1 wk and 1 month after going on the market, so if this house has been for sale longer than that (it has) and he hasn't had any offers (given the condition and location, I'm assuming not--I'm looking to use it for Section 8), he should really consider an investor's offer.  

Insurance would cover it, I would pay the deductible, and no assets would be lost.If you are in an area like San Diego where people are more likely to sue, a judge is more likely to find you guilty, and the payout is expected to be higher, you may consider an umbrella insurance policy.

I live in Southern California so maybe I’m a little biased but I can’t even think of anything that I’d consider an emergency I’d be able to resolve with only $400.

Interview as many lenders as you can an work with the lender you feel more comfortable and that is knowledgeable about the rules.Most likely you will have to get a conventional loan and put 20%- 25% down because the property will be consider an "investment" property.

Consider an hourly rate times 2080(number of hours in a typical 40 hour work week)

Until you can answer these questions, don't even consider an LLC no matter what state you choose to file under.

Insurance would cover it, I would pay the deductible, and no assets would be lost.If you are in an area like San Diego where people are more likely to sue, a judge is more likely to find you guilty, and the payout is expected to be higher, you may consider an umbrella insurance policy.

G'Day guys,Lately, I've been super duper pissed off with our investors that I decided to keep all of the deals for myself 🤷‍♂️I've always preached that there is not a single deal that we sell that I wouldn't be willing to keep for myself.So there's that lolJust picked up a 6 unit which us humble Ohio folk would consider an A class area (Sorry East and West Coasts as our A class is your Z Class lol)$160,000 purchase price$50,000 rehabCurrent rents are $3,000 per monthOptimized rents will be $4,000 per month.BPO before purchase $220,000 - $250,000ARV $350,000ARV with interest rates at 6% potentially $400,000+Cashflow = S#%$ load $$$Granted, it took 4 months to get the contract signed and we had to go to McDonalds 4 times to meet with the seller so sign each page individually single time lolYep, it was one of those.All in all, great deal and they are definitely out there.Working on another one now that will be converted into a duplex and is located in a top notch school district.Somehow picked this one up for $20,000 and needs $45,000 in rehab.ARV is $110,000 conservatively Combined rents will be $1,300pm.Ohhh yeah, almost forgot.Also, picked up a SFH from a wholesaler believe it or not for $20,000 that after inspection needs around $15,000 in rehab.ARV all day long is $80,000.Says WHO there aren't any good deals???