However there was a lawsuit going on earlier this year in South Carolina on this exact issue.

There have been several lawsuits filed against our city by the victims, estates, etc. that I believe the city is on the losing end of, and are likely to affect the city's long-term finances.

Your friend needs to engage an attorney ASAP to avoid a potential retaliation lawsuit!

We have near lawsuits multiple times per year from our flipper clients.

Lawsuits against HOA, HOA lawsuits again insurance companies, deferred maintenance that makes it not qualify for FHA loans, too many investors make it unwarrantable for loans, too many investors, force you to sell to another investor (investors never want to pay premium prices) and just so many other issues.I would say when your lease is up, sell that bad boy and either 1031 into a different kind of property or just take the cash and run. 

Ideally, you don't want to concentrate all of your properties into a single entity in the event of a lawsuit against one because it exposes the rest of the properties to that lawsuit. 

2 What do I need to put into place to protect me from lawsuits if someone slips and falls in my house while they are renting it?

Hey @Katie Casper, check each municipality for the regs.There have been a lot of restrictions put in place depending on the area.There have been some lawsuits flying around in Conway so do your diligence.Bartlett is hard to read, but there are a ton of folks working to ban STRs in the area.

@johnunderwood Lot of changes out there:  The NAR lawsuit ruling, the TCPA text law, SC double-close law and don't forget GA's new law banning direct mail RE solicitations unless it is clearly marked on the envelope, which means your expensive letter is most likely going directly into the trash can.  

If you fail to follow the rules, you may open your personal assets to a lawsuit.