Bought this one with three partners @Elan Radbil, @Ben Hutto and @Jake Guhy using a commercial line of credit.Purchase price: $95,000 4bd/3baRehab budget: $40,000Scope: Paint in/out, foundation work, new plumbing, new flooring, new decks, counter tops and converting a master bedroom into a 1/1 in-law suite. 

If the tenant still does not pay the past due rent within five days, you can proceed in bringing an eviction lawsuit.

I purchase a property every 3-4 years but I want to start doing more.Current Properties:Duplex: Washington, DCSingle family home: Easton, PASingle Family Home: San Pedro, Ambergris Caye, Belize9 acres of land: Easton PAI also rent the in law suite of my home on Airbnb.I’ve learned a lot about being a landlord and Airbnb host during the past 10 years.

Will depend on several factors like the type of property, type of tenants, your risk tolerance, other assets you own, your estate planning, laws where the property is located, etc.Any lawsuits would be limited to the assets of the LLC and not your personal assets (assuming you run the LLC appropriately and the corporate veil is not pierced).

The only reason we do it that way is in case of a lawsuit.

Just in case there is a losing law suit above the insured level, I would not want to lose our homes we need for our lives. 

Your only real leverage is a potential lawsuit. 

The best entity is one that provides protection not just for your business, but also your assets, and one that on top of that, is structured to be a lawsuit deterrent and is easy to manage on the backend both in accounting, banking and taxes so that you are not over-burdened.  

For example, you can't represent yourself as an entity, so responding to frivolous lawsuits or even filing routine legal paperwork will require shelling out much more for an attorney to do it for you.And then there are the hidden expenses that everyone's mentioned.

Thinking about converting a one car garage into a “mother in-law suite.”