For LLCs, We had lawyer Brian Bradley on the Rookie Podcast episode 105 LLCs for Rental Properties & "Layering" Legal Protection and Rookie episode 106 Asset Protection for Rookies: 7 Wealth-Saving Answers from an Expert.

In short, it adds a layer of complexity to your management of the property.

Just adds a huge layer of risk that most sellers can't take on. 

I have another valuable tip regarding drafting leases I thought would benefit the bigger pocket community, If you have more than one tenant, and the tenants default or damage the property, there is a provision you can add to provide you an additional layer of protection.

The roof had 2 layers and needed to be completely replaced.

@Sunjeeve Weerasinghe we have moved entirly to vinyl plank in our properties (and so have a lot of major builders) as you can get commercial grade with 30+ year wear layers on them, they are water proof, do not chip (though they can be cut or torn) and are quite a bit cheaper than tile. 

It's another layer stopping them from suing you directly assuming you didn't do anything and maintained the property.

This is another layer of cloaking within the 1065 tax return and allows your rental income and deductions to fly just a little closer to the ground as compared to Schedule E page 1 of your 1040 tax return.

Umbrella insurance provides an additional layer of security to those who are at risk of being sued for damages.

I look for something that is around 6mm in thickness and has a wear layer of around 20 mil.