no reports of incidents with our residents but there were some people injured and some homes damaged. 

Thanks for new insights and options Mohit and Amy...we got used to spending so much on vacation and eating out and all splurges...overspending our budget..until I got injured at work last year and herniated my disc..I was out for a while...unsure if I can get my life back.It was a big wake up call for me.Now I would like to put every single cent that I'm gonna make in REI..I know it's not too late.

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

There was a party on too many people got on the deck and it collapsed, I think a couple died and several injured.

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

Some contractors are licensed but have no staff just them so they are exempt from work comp so if they injure themselves you could be on the hook.

And do not even think about using the illegal basement as-is...imagine a fire breaking out and someone getting injured or worse....that would all be on you.

Even the tenant can sue you if they injure themselves.  

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

A serious accident with injured person requiring hospitalization can get to a million dollars in a month or two of medical care.Hence the efforts by asset protection specialists.For my part, I just use the LLC approach.