Maybe you should consider an LLC and tax it as an S-corp.

If it is a hallway and you want to ensure enough light for safety, you could consider an LED light fixture - the type that has the bulb protected so it can't be stolen.

I would never advise a seller, or consider an offer myself without either a POF or a solid verifiable pre approval from a reputable lending institution, I have been party to 600+ transactions, Ive seen just about everything, and know what closes and what doesnt. 

.#1 – Tenants, Termites, and ToiletsIf you’ve dreamt of becoming a landlord, having tenants, and making improvements, then consider an active investor role.Otherwise, if the title to this bullet point makes you nauseous, you should go the passive route.#2 – TimeActive real estate investments require more time, during the initial acquisition and throughout the project lifecycle, while passive investments only require your time up front, during the research phase.#3 – InvolvementHow hands-on do you want to be?

Now, someone who's well-experienced in property management may contradict me, and they would be the experts, but from what I see, Idaho is a VERY low-wage state, one of the lowest in the country; the State Legislature refuses to EVER consider an increase in the minimum wage and we are still largely across Ada, Canyon and Owyhee Counties dominated by service industry and agriculture jobs.  

Who do you consider an expert on section 8 in Minneapolis?

Some won't consider an offer before an auction.

If you are seriously considering paying someone $9,000 to teach you how to buy real estate then you may as well consider an opportunity a Nigerian banker can offer you from Craigslist.

You may want to even consider an income property as your first investment (that's what BP is all about after all).Best of luck!

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 likely to be higher, then you may consider an umbrella insurance policy.