Quote from @Anderson Banegas Cerrato: Scott, appreciate the detailed response!

Second, in terms of asset protection, LLCs are not invincible, but I think what many don’t understand is that they are not designed to completely shield your assets from liabilities, on the contrary they are designed to contain and isolate liabilities.

For a long term hold, time and my value add will create my spread. 

While the details are too long for a post, I wanted to see if anyone would be interested or willing to give me some feedback on the actual structure. 

Ill detail the information below.

The details of the incident remain unclear, but they intentionally granted access to someone who subsequently stole major appliances.

I would get more details on the numbers and go through it with an experienced investor. 23% expense ratio is laughable for any apartment building, let alone an old class c product.

Last year January MN enacted the biggest # of changes all were added details and raised the bar of requirement for Landlords, including some specifically detailing how a listing must be detailed.

As long as you express the key details of tenant information, lease dates, along with any standard information to vacate, and clear language of "non-renewal".

Patricia,Thank you for a detailed and a very helpful response.