You did make sure to have them get renter's insurance to reduce your liability if someone slips and falls inside the property, a pet bites or knocks down someone and they are injured?

Yet even they'd have a case against you if they were to get injured during the process.

Perhaps an a endless number of possibilities; credit lines, debts of the LLC, potential lawsuits of injured people, law suits for any kind of tort, unsecured loans, etc.

He could end up very sick or injured in 5 years and not be able to manage the properties or work and have no way to pay that $14,000 of negative monthly cash flow.

Problem is my tenant claims he is injured and can't do it.  

As I told them, I had covid, (with a shot though), followed by an injured foot.

Nobody was injured.

He's going to stammer and be embarrassed and have excuses but you married him, time to get him cooking bacon or if he is mortally injured to release all liens and get someone else started today. 

No one wants to pay more for something they have enjoyed at a discount no matter how much improvement has occurred.Basically you need to keep this sort of rental as a month to month deal.This is very important because the tenant is a short term tenant.They are usuallly too smart for their own good. if they are clever enoughto spot the advantage to this situation they think they are clever enough toget more from you than you are willing to give.They will end up problematic in the long term. but in the short term they work out really well.Keep them to 6 months maximum.especially when you go to increase the rent after the renovations are complete.To me the good out weighs the bad when you are in a cash strapped positionI have employed this strategy four times.I have found that at bare minimum I have managed to pick up a few thousand to put toward a renovation.I never found a great tenant that I would want a long relationship with.I managed to improve two properties using this methodand I will use it again.this is what I have learned.Do get people who know a thing or two about building houses.always be there to inspect anything you let them do.let them know that you will be around to inspect the jobduring and after its completiongo over all of your details prior.Never let them do any repairs without your consent.let them know this will be grounds for immediate eviction.Always set time tablesnever never make promises about what you will donever make statements about you want to donever make statements about what you wish to do.keep the lease to a month to monthor 6months at a maximum.Do attach a rider to your lease thatreleases you from any liability in case they get injured on premises.Thats all people.this is an emergency solution not the ideal solution.I am not recommending this as a first course measure.but in those situations where you may have thought about leaving a property vacant until you can get around to fixing it up

Am I liable for criminal acts committed on my vacant property (dog fighting, prostitution, drug deals, parties where someone's injured, etc.?)