Important thing is to remember to only insure contents and if it is a condo or townhouse make sure you know exactly what is covered under the HOA's policy because I have seen them start to get a little technical over the years, but insurance companies are famous for that  (usually the shell) and then if property is personally held in your name to have an umbrella policy and the person who carries you homeowners might have a solution but I have 7 rental properties in Duval county and I use same guy who I have found over the years to be reasonable. 

If you're rich and famous and need to protect other significant assets, I would.If you are just transacting/operating real estate by wholesaling, flipping or brokering (active income) I would elect to be taxed as a corp.

I prescribe to the Milton Friedman (renowned economist) view of business.One thing he is famous for preaching is in essence this: A business sole purpose is to make as much money as possible for the owner or shareholders while conforming to the basic rules of society.You can read his famous article hear:

Napa Sonoma and Lake County were the play lands of the rich and famous.. 

Make sure you grab some of our world famous BBQ while you are here! 

Reminds me of a famous Desiderius Erasmus quote.

I have often wondered why people invest out of town (especially new investors) without making the relatively small investment of visiting the actual property they are considering.Besides, if you make the trip, you can make a detour to Niecie's for Chicken and Waffles or  LC's for some world-famous barbecue.

He wants to stay.Its 107 year old house (2/1 + 1/1 side unit) on .5 acreSo what I did:Called my bro-in-law who owns his own pest control biz and lined him up to take care of termites for meAs FHA loans would not close due to termites I watched DOM tick up-up-up-and up.Now kids are back to school and people are settling in for the cold harsh brutal California weather we are famous for. lolI then made an offer at 175K, cash, & caretaker gets to stay at current rent.

That's right - there was a famous case in France (Jeanne Calment) a few years back where an investor made a deal with a 92-year old lady to purchase her home for a good price in exchange for her right to live in the house until her death. 

When I read the Title to your thread I couldn't help but laugh at the famous quote from "Rocky".