However, if your reasons for selecting different tenants are fair, nondiscriminatory, well-documented, and you applied your screening requirements uniformly, you should be protected.ThinkThe major drawback with adding social media to your tenant screening process is that once you learn something about a potential renter, you can’t unlearn or unsee it.

Its your house.There are quite a few drawbacks to bidding at the sale:You usually can not get into the home before purchasing it.You dont know what the person getting foreclosed on will do with the property as you try to evict them if it goes that way.There are lots of people bidding up prices making most of these properties, not really good deals.

I do know the implications and drawbacks of HOA.  

The major drawback there is that you would have to pay closing costs twice in 6 months.  

The only drawback about most of Williamson County is that it's overflowing with people and traffic.  

There are 13 units at the property and ever since the landlord began Airbnb about three years ago, suddenly only three legacy tenants remain and all the others have been pressured to leave for reasons that were not of concern for the many prior years.What would be the potential drawbacks to the tenant should they choose to sign the written lease?

I'd love to hear anyone's thoughts on benefits and drawbacks to taking on property this way.

If the main drawback to this property that has been scaring away investors is that power pole, and if it  really isn't that expensive or unfeasible to move it , it might be worth investigating this further, as the location is great and price looks good!

However, I think that might be the drawback. 

The LLC is an asset just like owing stock is an asset, but in this case you happen to manage that LLC.A couple of drawbacks: If you live in California, but your rental property is in another state (and the LLC is set-up in another state) you still have to pay CA tax (min $800 per year).