Maybe we should keep it to the books for now to keep it simple, but if you haven't read any books I don't want to exclude you either.

Our rental policy currently excludes violent felony convictions so he isn't excluded on the misdemeanors however I'm concerned that he was not forthcoming with this information.

I think if I exclude the principal payment then mortgage interest/taxes/hoa/insuranc/property managemee etc might be same as the rental income.I am still undecided and do see a risk here but there is another side that says I might make money here in the long term.

That's almost always explicitly excluded by their paperwork.

The gain allocated to the primary residence portion of the property would qualify for the 121 Exclusion, which means that up to $250,000 in gain, if the person is single, or $500,000, if they are a married couple, would be excluded from taxable gain under Section 121 of the Internal Revenue Code ("121 Exclusion"). 

It sort of distorts public records but most automatic value models exclude foreclosures. 

I thought legally the idea behind an LLC is to exclude yourself from the company.

For example, I believe that single family homes may be excluded from rent control in many areas (please confirm, as stated I'm not expert in rent control).

They can be excluded, sometimes.Would need to thoroughly document that they are one-time expenses.

If I flip his unit now I should be done with the property, excluding unexpected repairs, for at least a decade.