This totally makes sense-- I had a feeling my question was more or less open ended. 

Maybe a month of vacancy total in the past 3 years.I'll take that deal all day.

Quote from @Kevin Hintz: I can totally relate to the tight market and how hard it is to find deals.

I've collected thousands in security deposit from my guests who've caused damage.

No, it would be a total loss.

Long story short, you spend a month cleaning and renovating, then you find a new tenant after just 15 days.In total, you lost three months of rent income ($3,000) plus paying utilities ($500).

Explore my personal favorites, Set For Life by Scott Trench or The Total Money Makeover by Dave Ramsey, for invaluable financial insights.3.

I do have some investment experience and I'm currently managing 1 property, all the numbers are great and there's a good amount of cash flow and long term growth so I'm not a total green horn. 

LLC corp either one is fine.. either that or they are totally incompetent.. 

They can identify potential investment opportunities... not to mention all the tenant/landlord laws, eviction process, security deposits, accounting, end of year tax statements etc. lots of pitfalls to be avoided.wish you success in your ventures!