---DSRC loans avoid this issue.4) Can't represent your LLC in court---You'll need to hire an attorney for evictions, Security deposit disputes, etc.If you need a business bank account, you can open one with a DBA, which you can get at the county.

Hoping all will fall in place, will keep the thread updated.Usually very responsive to get your investment, then you may never hear from them again - or perhaps in court.

After the 7 days, we can send to an attorney to file for a court date - which incurs attorney & court fees for owner.We would have had a chat with the owner at this point to discuss pros & cons of waiting vs filing.

Or should we just cross our fingers that we don't have any issues with them that would take us to court?

You have no history of received rent payments to show an "implied agreement" that will hold up in court. --- You have only eviction option if tenants don't pay.3) WIth no lease, your only eviction option is 30-Day, Demand for Possession.

Not checking the property periodically such that a squatter was living there long enough to require court action to eject them.

Adding in court fees, attorney fees, no rent during the process, and any turnover expenses versus just eating the plumbing fee. 

(This helps me determine if they have enough income to be accepted for my rent amount.)7) Have you ever been taken to court by a landlord?  

You don't want to serve a notice incorrectly and then go to court for eviction only to find out you did something wrong and now the whole process has to start over again. 

Small claims court is pretty easy.