Humans are psychologically wired to feel insecure without more, it doesn't matter what level of wealth we're at.

A LLC is more for psychological reassurance.Provided you are a responsible investor/property manager there is little requirement beyond having full insurance coverage.

But it all seems more psychological than financial.

We have found majority of tenants to be psychologically prepared to pay greater than $2000 per month + NNN, and 1600-1800 SF capitalizes on that fact perfectly in most markets.

To be honest, I didn't have much of an idea of how to price things out, and in terms of investor psychology, I probably wasn't willing to walk away and I also hadn't really slept since the first conversation with him; nerves, I guess. 

Now with kids, we don't want to move them around from house to house so we don't cause some sort of psychological damage haha. 

I now understand the psychology behind this business.

Investing where I live and work is exciting for many reasons, financially of course, but also relationally, spiritually, and psychologically to be rooted and invested in a place and to actively promote the well being of that place. 

It has 3700 sqft, but limited to street parking.Total Estimated Cost:Purchase Price: 220,000Closing Cost: 12,000Repair: 70,000Total Cost 302,000Cash Flow @ Triplex = 1000 Cash flow monthly after accrued expenses, mortgage, tax, and insuranceUnderstanding his psychology, how do I make an offer to the homeowner that make sense for me?

I received a B.S. in Psychology.