When it comes to analyzing properties, I’ve developed a specific checklist to make sure the home fits both resident needs and operational goals:Square Footage: Ideally, at least 2,000 sq. ft. to ensure enough living space for residents and staff.No Stairs or Pools: It reduces liability and keeps the home accessible for everyone (this is just my preference).Corner Lots: I love corner lots because they often provide extra parking and outdoor space—both of which are critical for families and visitors.

Use tax benefits like depreciation, repair deductions, and tax-free refinance proceeds to offset income, and consider an LLC for liability protection.

Again, free, it advances the title company.Another freebie professional would be a CPA, another phone call, they are willing to meet groups with potential clients.Another, call an insurance broker who provides property, liability and professional liability insurance, they are motivated just as the CPA and attorney.Find an owner of a real estate school for agents!

I'm not sure about the potential for liability in a wrongful death suit if somebody is injured or killed in the fire, but definitely would not want to find out personally, nor would I want to live with that on my conscience.  

You’ll also want to have them sign a rental agreement that lays out your rules, payment terms, and any liability.

Think of the California DMV..Defaults and Foreclosures : Not yet on the radar for most, is that the existing liabilities and mortgages need to be satisfied…either by insurance pay outs or other means.

For my personal residence - yes, i would love to own it free and clear as it's not an investment but rather liability which I want to minimize as much as possible.  

Explore multifamily or out-of-state investments for higher yields.Setting up an LLC provides liability protection but has no tax benefit for you now.This post does not create a CPA-Client relationship.

Second, in terms of asset protection, LLCs are not invincible, but I think what many don’t understand is that they are not designed to completely shield your assets from liabilities, on the contrary they are designed to contain and isolate liabilities. 

Gordon is the owner, I doubt whether he could completely hide behind his LLC to protect personal liability.