I hope to be a vital member in the future.

Pulled out the cheap (non-waterproof) laminate floated over it, then 2 layers of vinyl sheet flooring, then found the original wood floor which was severely rotted.

Very useful advice @Duncan TaylorSince this is definitely not legal advice I would be interested in hearing from other seasoned investors about what they have done.The guru scene is all about layering entities, yet at a recent Meet Up I attended everyone looked at me like I had just salted a light bulb when I asked who does that.

You have to be very careful with this added layer.   

And finally - is a 4 mil wear layer sufficient?

Investors HAVE to add a layer of operating expenses vs. self-managed property investment.  

For long term rental investors, the skill of negociating a better purchase price (don't overspend) is vital.

If you don't get paid, then you have an even deeper layer of protection.Third, even if you have a complaint lodged against you, the first order of business is generally going to be a "cease and desist" letter.

Many of them have so many layers of paint on the walls, that it's permanent state is literally "tacky", both in texture and in appearance. 

Also multiple layers of LLCs, partnerships, out of state entities, overseas entities even, escrows or constructive trusts...