It to an extent, removes an administrative layer that if not setup that way should be adhered to.

The advice I was given was to replace them due to the amount of work & money to get them unstuck, somewhat functional, reglazed, and to remove the multiple layers of paint on the glass itself.

Frankly, I have never lost sleep over liability issues in any business venture and while I have formed several LLCs and corporate entities, the main purpose was not to hide from liability, it's nice to have an additional layer of protection, but it's how you conduct your business that keeps you out of trouble, IMO!

@Delon Hall and @Tammy Vitale what type of experience have you had with Lima One?

The incredient that you bring is vital.  

Make sure you get a sprayer that actually comes apart and allows you to replace them, or you'll be buying a new sprayer every 20 apartments.I believe our sprayer came with an exterior spray head, so we had to buy an finer-spray interior spray head to help with the over spray.Cleaning the sprayer between each use is vital.

Both come with long warranties but LL is short on specs such as wear layer thickness.

I'm looking at purchasing several more houses in the near future and I'm trying to set up an entity structure that offers good protection through layers - and without having 15 LLCs to manage paperwork for.

If not adding another layer of 1/2.

April,  you can due as @Ryan Booth had suggested and use a wire brush or fur out the walls and hang drywall. you could use a chemical stripper to take the paint off, or not go through all that and take a putty knife, or a strong spackle knife that isn't flimsy, and scrape away any loose paint. then try to coat the wall with a layer of drywall mud. if there is loose paint that you missed the moisture from the drywall mud will raise it up. you just take that off and patch it with the mud. that may save you hours of work trying to remove the paint.