When I go to a doctor for surgery -  I like to know how they are rated with patients and there are ways to find out about lawsuits against them or malpractice... normally I use referrals for things like this.  

This would be your detached garage / in-law suite type use.

The property i'm looking into shows a dog bite on the records in recent history. My question is, if the person that was bit chooses to sue, am i not involved since it happened prior to my acquiring, or are you still o...

Their main goal of setting it under the LLC. is to provide legal protection in the case of a lawsuit (at least for their purposes) as well as for tax purposes.Hope this answered your questions!

Will depend on several factors like the type of property, type of tenants, your risk tolerance, other assets you own, your estate planning, laws where the property is located, etc.Any lawsuits would be limited to the assets of the LLC and not your personal assets (assuming you run the LLC appropriately and the corporate veil is not pierced).

If you fail to take exclusive possession of property within three years of the tax deed, or at least file an ejectment lawsuit against the taxpayer within that time, you lose all of your rights. 

You could file a lawsuit.

It would be a small amount to pay annually but I feel that a lawsuit from a slip-and-fall or something similar wouldn't be very enjoyable to get roped into.

Plus LLC is not going to protect you from any lawsuits that have merit.. and unless your have massive equity in your properties your not going to get sued to start with.

are all lawsuit bait.BE AWARE - the state employs “testers” who actively try to trap landlords, lenders and others into making discriminatory statements or taking discriminatory actions.