You'll also want to ensure you have a good property manager to look after the upkeep of the property if you are not there to notice anything deteriorating or which may need attention.This article goes into a lot of the considerations about whether to form an LLC or not: https://www.mmpph.com/wp-content/uploads/2019/04/May-2019-newsletter.pdfCreating an LLC in California would cost you a minimum tax of $800 every year.

Of course on the other hand holding the property forever is a case of diminishing returns...eventually a new roof, HVAC, deteriorating galvanized pipes, cracked slabs, make ready between tenants, etc. 

You'll also want to ensure you have a good property manager to look after the upkeep of the property if you are not there to notice anything deteriorating or which may need attention.Creating an LLC in California would cost you a minimum tax of $800 every year.

However, you can use the renegotiation process to get updated financial statements and then if financial condition has deteriorated since the originally lease use that information as a negotiating chip to throw on the table when the time is appropriate, assuming their financial condition is still acceptable.Note: if you question whether a former brokerage has a claim to commissions (they do not necessarily have to be actively involved in a subsequent transaction to have such a claim) my suggestion would be to stop moving forward with lease extension negotiations until you're able to clarify who is owed what by whom and when. 

Landlords need to be able to get inside for a lot of reasons, including the example above with the exterminator - the building needs work, and some hard headed tenant (who can just leave when the place deteriorates) is making life difficult by violating the lease. 

This seems to be a reasonable approach but what happens if the macro fiscal environment further deteriorates leading to declines in home prices? 

But it’s deteriorating and they have no financial mean so to make them necessary repairs.

They still allow it when replacing deteriorated wood siding though.

Of course you could loose both the original and the capital call too, if it doesn't prove to be enough or things continue to deteriorate.#2.

Older galvanized water pipe deteriorates from the inside out.