.  ;-)I don't disagree with your point, but predicting the impact of this is difficult.Right now the best guess you or I have in regards to the impact of this that it will be catastrophic, to negligible, to possibly an inexplicable positive consequence.

We lost our life savings. what I have seen in the past with other operators that have gone down the D class road and claimed they were C and B  is when they had buy backs they would just resell the home to the next victim.. not truly buy it back.. so what I am thinking is he could not find a buyer and now that many buyers are finally surfacing on BP and understanding the DD one should do and not just blindly trust this guy.. his sales will start to slow some what.. and from what I know the amount of buy backs probably exceeds his capacity to do so..I am so sorry this happened to you.. but Fraud is Fraud.. and if you ever pop on to the very first bP threads bout this company we preached it from the roof tops that the representation that MOrris made was just not reality about the actual assets even if they were rehabbed.. the tenant base is not as he represented and so on and so forth it was all in my opinion either a contrived sales pitch by a very slick salesmen or he is was or is quite naïve or inept and or negligent as in he never really checked this stuff out before he created this monster sales company selling these assets.. then well the rest is just plain bad...

I would be very careful deducting anything from their deposit that you can't prove they did negligently.

Originally posted by @Richard Dunlop:The Realtors here will hate me but E&O insurance if you bought it without a real actual read through a Real Estate Agent.Hm.. not sure how things work in your State or in Michigan, but in IL, E&O insurance for Real Estate Brokers would only apply if the Agent was negligent in some way.  

Also, an LLC will likely not protect you from gross negligence from my understanding.

It rents for $1700/month, and I should have negligible vacancy here too.  

If the PM did something negligent, they should absolutely own up to it, but if it was something that just happened because the house is old, well, it would be hard to blame them for that, unless you specifically told them to have it addressed previously.

The difference in annual premium is negligible.)4) Tenant may not obtain additional pets without the approval and written consent of landlord.

I can only speak to my particular state and caution you not to engage in these activities, as at a base level what you are doing, were you to do it in my state, would subject you to the possibility of jail time.I will say that there is indeed a cause of action that a person can bring for relying on misleading and inaccurate statements of law; namely that of negligence.

The leak in the ceiling is also due to their negligence.