This makes good financial sense, not just moral sense, as a negligence lawsuit could ruin me. #4 - Just because people on BP speak to me in a manner that I don't understand, or is from another era, or in a manner I might perceive as being mean, that doesn't necessarily make them internet trolls and maybe, just maybe, they say these things to me because they would hate to see my incompetence cause the death of another person.#5 - Just because people advertise or present themselves or I misjudge them as experts on a certain topic, the reality is they might not be an expert at all, and taking their advice may have serious adverse consequences.

The “key” elements of the transaction are explored first and usually, the most intensively.The buyer should provide the seller a comprehensive disclosure statement and include a term in the purchase agreement that obligates the seller to return the document within 5 days of acceptance.Professionals are hired to complete Phase 1, 2 & 3 reports that identify potential or existing environmental contamination and all other elements of elements that are difficult for the buyer to effectively evaluate.Financial Checklist3 years profit & loss statementsRent roll with space number, name of resident, move-in date, renter or owner occupied, number of occupants, monthly rent, additional charges, current balance due and any relevant notes about the residentList of capital expenditures for the last 3 years3 years of tax returns12 months of bank statementsCurrent accounts receivable statementList of park owned home including copies of “rent to own” or sales contractsCopy of all current insurance policies, binders and premiumsSpreadsheet detailing who pays all utilities including water, sewer, gas, electric, trash, cable, etc…For all utilities and charge backs, formulas, calculations and meter readings for the past 12 months3 years of utility billsProperty tax bills for the last 2-3 yearsCurrent staffing list including position, wages, job descriptionsCopies of any contracts that will transfer to buyer including laundry, trash, phone, equipment, etc…Dates and amounts of the last 3 rent increasesSigned rules and leases for each residentNames and contact information of professional service providers including lawyers, accountants, engineers, insurance brokers, inspectors, appraisers, realtors/brokers, etc…Physical ChecklistSpreadsheet for utilities that details age, composition, capacity, physical locations, etc…Any drawings or maps of the park and infrastructure including lot sizesSewer plant or septic system repair and maintenance recordsWater well tests and compliance recordsDisclosure from seller of current or recent problems with infrastructure including buildings, water, sewer/septic, gas, electric, etc…Names and contact information of contractors including plumbers, tree surgeons, electricians, gas inspectors, septic companies, roto-rooter services, etc…Locale ChecklistProfile local housing market:“Stick-built” – current foreclosure rate, months of available inventory, median home price, average rent per month, vacancy rateApartments – average rent per month, vacancy rate, prevalence of move-in specials…MHPs Comps – average monthly charges (rent, utilities, etc…), vacancy rate, # of homes for sale, etc…Profile local economy including population, major employers, unemployment rate and trendsCopies of city, county and state permits, licenses or certificates of occupancyCheck zoning for recent or pending changes to target property and adjacent parcelsCheck for known environmental issues with target property, adjacent parcels or in the communityCheck for major development or construction projects in the communityReview existing surveys or environmental reportsConsider geographic factors including elevation, annual snow fall, rain fall, proximity to bodies of water, etc…Disclosure from seller of current or recent lawsuits, regulatory or compliance issues, fines, fees, etc…

Lawsuits are pending.Has anyone successfully used a Disaster SBA loan and does it apply to only to LLCs or can apply if your taxes show on Schedule C or E? 

I talked to an attorney about a civil lawsuit which I may have a fair chance of winning but that would be costly and very time consuming with no guarantee of a positive outcome.

I am working with another BP member and we are currently searching for a SFR with a mother in Law suite for STR just south of the stadium (better chance of appreciation).

And for a couple properties, it just isn't worth the hassle for a lawsuit that likely won't happen and you're already covered for.I'm not going to tell you to not go the LLC route, it's all about what helps you sleep well at night. 

I'm anticipating the event of me getting sued by a tenant and losing the lawsuit - hopefully this never happens and my bank account(s) are secured to a certain extant.Under the New Jersey Landlord and Tenant Registration Requirements guideline, a “landlord” is someone who “rents a two-dwelling unit that is NOT owner-occupied.”

Claims she has pictures of it all and is filing a lawsuit with her attorney.

If they happen to put one of their family members in the basement a la mother in law suite, that is on them.

;otherwise, they'll be dealing with law-suits in the future for increasing the national debt through a bill approved by Congress and the President that does not do what it promised, and that is biased against those with less income.