It's not been easy living with my wife's family for this amount of time but the pros WAY out weigh the cons and I know we wouldn't even be close to the position we're in now had we not chosen to do this.

I say typically because in today's market demand drastically outweighs supply.

There are thousands of successful real estate investors that didn't go to college, however, I'm sure the number of  successful real estate investors that did go to college outweighs the ones that did not go.

@sam grooms Here is a simplified example of how the recaptured depreciation can outweigh the annual benefits of depreciation Here is an example: Let’s say you had a house that had a house value (not land) of $100,000 when you put it into service as a rental.

Generally the advantages outweigh the disadvantages.

Like most people though I have certainly been disappointed at times by the Home Warranty process but for me personally the pros have far outweighed the cons thus far. 

Assuming the cash flow out weighs all negatives (not sure if you have a mortgage or not).

If the market continues to go up then appreciation will outweigh cash flow (as @Jay Hinrichs loves to point out), but there is no guarantee of appreciation. 1500 PITI with 1350 in rent is a lot of cash flow to lose when you consider total expenses btw. as @Joe Splitrock pointed out, the Vegas market has risen tremendously over the last few years (that's why I moved here) and while people here love to say how solid the market looks going forward, it's unarguably slowing.

The trust and the LLC are the owner of the asset/real estate, so even in the scenario that they guess, they guess wrong.It really comes down to whether the risks outweigh the costs of the LLC in your situation.

But the opportunity to make money as a landlord far outweighs this.