Hi John,unfortunately, a LLC doesn't save you from paperwork - quite the contrary.You still need all your receipts to substantiate your expenses to the IRS (if it comes to defending an audit).You definitely want to have separate accounts to show that the LLC is indeed a distinct entity and you definitely do not want to mix your and the LLC moneys.Mixing personal and business funds more or less automatically kills the point and benefit of the LLC since it needs to documented as a separate, business entity.There's a ton of LLC related discussions on BP, plus I found the NOLO books on dealing with Tax for Landlords to be outstanding.You have plenty of time to ramp up on this aspect.Get a bunch more rentals under your belt to build up your net worth.

Can't you defend your contracts?

It sounds to me like the landlord knew of the mold problem and disclosed in the lease that it was common for the area as a way to defend themselves and hold you to the lease when it poped up throgh the paint job they did prior to leasing the property.

While it's true that anyone can sue anybody and everybody for anything, many lawsuits are settled on terms favorable to the defendant merely because of the entity holding title.The headlines are made when a huge judgement is entered or when a judge or jury elect to throw out corporate law and "punish" a particular individual by piercing the entity veil.

As the retailer, you have responsibility to BOTH parties.A real estate transaction is not a courtroom with a defendant and a plaintiff, where one wins and one loses.

Matt, you really must go spend a few hundred dollars and speak with a knowledgeable attorney.Lawyer's awarded property next doorBoulder Couple Defends Adverse Possession ClaimAs I understand this, the people making the claim need to have used the property without challenge for 20 years.

I will defend every word above to the end of this sentence, LOL :)

Even with replacement value coverage, without the code upgrade rider the insurance will only pay to restore it back to want it was and you'll be out of pocket for the additional cost to bring it up to current codes.What you also might consider is hiring a public adjuster or lawyer or both to defend your interests.

And $0 for land value... if your numbers are challenged I don't know how you could defend them.

I don't think a prosecutor would ever not want to go up against a criminal who chose to defend themselves.I'm an agent as well as an investor, and I know a lot of agents won't show these listings on principle, because they're theoretically taking away agent business.