I also have a $175,000 line of credit at the ready if something catastrophic happened.

Failing to register can have some catastrophic consequences as evidenced by this recent case from the Pennsylvania Superior Court. http://www.pacourts.us/assets/opinions/Superior/ou...There are also some other practical issues with having a foreign LLC.

I don't mess with anything catastrophic - major water, major fire, anything majorly structural

You feel like it's useless when it doesn't get used, but are grateful when something catastrophic happens and it is there for you...

If you start small and make a mistake, it will not be catastrophic.  

I've heard mixed reviews.I spoke with a Florida agent recently who said the governor recently said they are going to require HOAs in the state to meet higher reserve requirements to address things like deferred maintenance as a result of the Miami condo catastrophe.

I would like to be able to make the deal without outside investors, however, non-traditional financing (from what I have found so far) often comes with higher interest rates and terms which, in the event of some catastrophic event, would have the property over leveraged. 

@Steve FitzgeraldTrusts provide anonymity and the LLC a corporate veil that can isolate assets from other assets so one catastrophe can't take down the empire. 

Certainly we must be aware that idiots are alive and dreaming up the next catastrophe however of all of the thousands of appointments I've been on to buy houses only once did I question..That deal turned into a great payday.

Seriously -- they were crazy lucky despite losing power for as long as they did.This is a MAJOR catastrophe that I'm guessing will come very close to Katrina numbers in terms of damage when its all said and done.Big thanks to everyone helping out back east.