Anyone with real life experienced with 1 member california LLC law suits last few years?

And eviction is a lawsuit. 

You still need insurance and umbrella insurance, so what @Ashish Acharya and @Dmitriy Fomichenko is valid, but 1. insurance doesn't cover you in all scenarios and limits and 2. is not doing anything for you in case of an "external" attack (as with the case of a malpractice lawsuit).You might be able to get the FHA loan and then transfer the property (with a warranty deed!)

Even if they threaten a lawsuit, I don't think they have grounds.You might want to check the Master insurance policy of the Condominium and see what it covers.

At least that's how it works around here.The other angle would be a lawsuit for sale in lieu of partition (or whatever it's called where you are).

Big lawsuits.

* What do you do to ensure that the tenant is responsible for security deposit disputes since that is the largest reason for owner lawsuits* How familiar are you with the newly changed laws that can affect you the owner if they are not used correctly?.

Will depend on several factors like the type of property, type of tenants, your risk tolerance, other assets you own, your estate planning, laws where the property is located, etc.Any lawsuits would be limited to the assets of the LLC and not your personal assets (assuming you run the LLC appropriately and the corporate veil is not pierced).

Just some speculation here but if you found a two unit property - duplex or two houses on one lot or a house with a detachable mother in law suite or something like that you might be able to purchase that property and then use it for both primary and investment as long as the valuations work.In the 1031 you need to purchase at least as much investment property as you sell. 

If they underinsure you because they are unaware of your net worth and a lawsuit occurs that is greater than your insurance limits...it will be your livelihood and material possessions at risk.