Might not be a bad idea to look into building corporate credit as well which doesn’t require a personal guarantee.

I have a house under contract with a long term tenant with guaranteed on time payments.

The benefit here is the capital growth if you buy in the right areas but that’s not guaranteed either Even as an Aussie, it’s the cashflow that I love about the US market!

You are in the very unique position of inheriting a rental property where you are guaranteed to meet the 1% rule each and every month. 

Nothing is guaranteed with Sheriff sale

Things to consider:1) Depending on the state you live in, an LLC may not provide as much protection.2) If you don't keep your finances perfectly separated (and even then it's not a guarantee), an LLC may not provide you protection.3) You'll end up paying more in your mortgage and your LLC costs.For those reasons, especially for your first one, it's generally fine to just get a lot of coverage in umbrella insurance (or a lot of personal liability coverage in the property insurance that you'll carry).However, I'd be very interested to know if any BP member can say that an LLC did prevent them from losing money or getting personally sued at some point -- I haven't seen that posted.

Definitely need a Pro with a guarantee.

Keep it simple.....Find out when is the last time their rent was raised....if it's been over a year.....ask the housing authority in writing about raising it to market rates....then see what they say.....Sect 8 tenants CAN be a source of guaranteed income so don't kick them out arbitrarily .....only to end up with tenants that pay "market rate".....but are constantly late on rent or causing problems....I have Sect 8 tenants and non sect 8 tenants in Ohio and California and my Set. 8 tenants are FAR less "maintenance" than the others.

After listening to about 30 hours of multiple podcasts, tons of youtube videos, skimming through facebook groups (which btw; half these people in these groups can barely structure a sentence and are full of online drama), calling these "guarantee you 5+ deals a day programs" and after hearing they require a payment of $5,500 for information I can get for free online, I am a little weary and I'm wondering if this is as easy as 80% of people who are doing it are claiming it be ?

I guarantee you that a large company isn't just thinking "wow we could by a few of these units and rent them well"!!!!