Communications from tenants must be documented to avoid misunderstandings and they are occasionally needed for Court.

You need to create one yourself and have him sign in - both for the IRS purposes and to avoid misunderstandings/problems down the road.

@Mel Selvidge you have a fundamental misunderstanding here. 

I may be misunderstanding you on the sibling part: my siblings don't have an IRA - just cash in checking account.  

Insurance also doesn’t protect you from misunderstandings, especially those made in writing and email.

@William Beck and @Maria Checchin  Let me clarify...You are not alone...this is a common misunderstanding by both tax professionals and investors.

Sorry I was a little wordy, but there is a lot of misunderstanding about Assessed Values so I was trying to clear that up to make the answer to your question more clear.

Translation, it limits judges from making whatever judgment they want.Don't misunderstand me, if I were at fault and lost a lawsuit I would honor the judgment and pay, but I still like the protection because it prevents the other party to just start terrorizing you and taking your pay (corporate paycheck from the LLC), or even worse my top valued property.I have heard from multiple sources that Nevada is the best state to form an LLC in.

I believe the article displays a fundamental misunderstanding of the US monetary system.

I'm not expert, so I wanted to make sure somehow I didn't completely misunderstand before I piped up.