Is he covered if injured??

You will be held liable if someone is killed or injured in a fire so your only options are to either make the basement legal or lock it off so the tenants can not use it.

Ideally, if a tenant was injured on a property in your LLC and wanted to sue you, they could only come after the assets in that LLC.

The reason being, I live in one of my least expensive properties I own...buying a second house that drew against my meager income would injure my business model.

Even dogs with prior histories of injuring a person or animal are considered.

Fortunately, no one was nearby or injured. 

I care about my wife and best friend and should something happen to me, I want them have all the information they need to step in and run my real estate investing (mostly rental properties) and real estate brokerage businesses.I am going to create a list of important instructions, resources about where stuff is and how I typically operate my business to make the transition easier for them should I get sick, injured or even die.I've got a decent list of things I'm going to provide to them (via my attorney who will hold it in trust for me) and of course I'll let them know they should contact my attorney for this should something happen.My list is pretty long already, but some examples for me are:1.

Martial arts are great for the young and fit, but what about the old, injured, weak, disabled, etc?

I was with an organization once where one of our drivers ran a light and killed another driver (a young girl) and seriously injured her father, and even that case ended up settled at $1 million.

Also check that they have some sort of workers compensation insurance for their people should they be injured while at work and wish to blame you for it.