But nobody talks here about downside scenario - something happens on premises, someone got injured or worse.

I would like to continue renting out my house but I heard that if anyone is injured on your property, you are liable.

If someone flagrantly disregarded known safety laws that resulted in me being injured, I would sue. 

Also I hate to mention this but if you happen to get injured you could end up losing your scholarship for athletics if you can’t play anymore so having a cushion for undergrad is a good idea too so that you can finish your education.Also considering your age 5 grand is a lot to spend on an engagement ring.

Egress point is necessary from the bedroom.. so if it's a studio,, you'd need a egress window in the unit, another exit, from basement is always good option.House hack and live in basement is an option.. but legally if someone ever was renting down there and had a fire / emergency / was injured  they would OWN you.Also Extremely likely that when your building is inspected / for rental license renewal the person doing inspection is gonna want to see the basement.. only a matter of time until they figure out what's up as a additional living space and you'd be required to comply with what ever they want corrected or face fines and rental license revocation. 

Not a big deal.And Lee, I sure hope you were kidding about opening your door to purposely injure another person.

You may not know this, not only is Scott a Rugby Player (Who gets injured often :) ), he is also a pretty cool author.

Most of these people aren't taking jobs Americans are willing to do anyway.Oh, and one of my Hispanic workers was injured a couple weeks ago.

i do it myself if there's added value via learning in the process (think youtube, etc).also, i'd rather the person getting injured be myself than someone i hire!

If someone injures themselves and sues, they will be suing the LLC and not you personally.