Trying to break even would only prolong the agony and likely deepen your losses.

Generally, I think, people get to worked up over the idea of an LLC limiting their liability, without realizing how easy it is to pierce the corporate veil.

A trust is not like an LLC where you have to worry about piercing the corporate veil, it is more for estate planning and a wee bit of asset protection generally.

There are ways to pierce through the LLC protection, so you may want to talk to your attorney.  

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).

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).

Most people use an LLC but each state has different laws regarding corporate liability and piercing the corporate veil. 

In the end, corporate veils can be pierced all you can do is insure yourself and protect as best as possible.

If your LLC does not have a bank account, the protection of the LLC could be pierced as any real business needs a bank account It sounds like you want to do this yourself.

The property is a block directly north of University of Arkansas at Little Rock, on S Pierce.