The first two years I had higher repairs and vacancy than expected, but it was bad luck and now things are running smoothly.Last year, I had a fire in one house with a lot of damage.

You don't want to be starting this process over on August 1.Second, the New Mexico court will award you monetary damages for your unpaid rents, court costs, etc.

If you are not familiar with the area (selecting a location because property is cheaper than your home base), often that great deal might be 10 blocks in the wrong direction and you get burned. 

Depends on where you invest in the City of Detroit.Zip codes are hard to use to identify where to invest.Block-by-block is the best way, but almost impossible for OOS investors.That's why we use city Neighborhoods!

Does this strategy effectively contain potential damages (e.g., from lawsuits) within the specific LLC?

Only in the last 3-4 months has he said he's seen some light at the end of the tunnel and they're starting to see minor insurance premium relief on properties, but it's for the best of the best assets (New construction, concrete block, 250+ units, etc).

And all the Yardi Youtube tutorials have been blocked for the public. 

You're just stacking risk factors in a tougher, blocking and tackling market. 

And if anything goes missing or is the wrong size, or damaged, that's all on you, and you'll take care of it right?"

I've had a building burn to the ground and a fire resulting in partial damages, luckily no one was injured in either.