As it was explained to us, if that tenant suffers injury or death, God forbid, you could be held responsible.

My husband and are researching buying(or partnering to buy--we could go either way) multifamily housing (or mobile home park or self-storage) in our "neck of the woods". 

Keep the balance at zero dollars, pay the $75/year maintenance fee (or whatever the nominal fee is).Reasons:- First and foremost, now that you owe $0 on your primary residence, you can paint the door red in accordance with the ancient Scottish tradition (and BP members everywhere will know you as a heretic for not being mortgaged up to your neck).- You also have liquidity that is the envy of REI everywhere.

It provides good asset protection, but you typically must personally guarantee the bank note, and oftentimes, there are covenants in the note that say you cannot transfer to an LLC (its OK, everyone does it anyway, and as long as you remain current, the bank does not care)For your personal home, you can transfer to an LLC and hold it in that entity if you so choose, however, you may not be able to take advantage of the asset protection because you will still have personal liability to injuries sustained to those you invite to your own premises (i.e. you invite someone to your house and upon you leading them to your man cave, they fall down the stairs and break their ankle, you are personally liable no matter how the house is held)

Damage is injury to the premises beyond normal wear and tear, caused by irresponsible unintentional actions or intentional actions (see page 64 of this Handbook, Appendix E, Depreciation Schedule).

To establish negligence on the part of an owner, the plaintiff in a civil suit shall demonstrate actual injury caused by the lead base substance.

Let's hear your tales of injury.

Considering it would have been almost certain injury if someone fell, I told her we'd go ahead and close it back in the way it originally was to make it safe, and then they'd actually have some bonus space.

In my neck of the words, the escrow company and escrow number are on the recorded warranty deed and may be on your county's deed as well.

You are responsible for overseeing construction and are liable for any injuries or sub-par workmanship, code issues, etc.