You can get around most state requirements by stating that"it is agreed that any interest accrued on any escrow or deposit shall be due the landlord for the costs and expenses for the maintenance of such account."

The deed of trust must be described in the deed of trust only to identify it sufficiently so that the deed secures that note.The deed of trust can state;This deed of trust is made of even date with that certain promissory note in the original principal amount of twenty five thousand dollars bearing interest at ten percent per annum with all amounts of principal and accrued interest together with any other amounts set therein as may accrue, shall become fully due and payable on the first day of March, 2015.

You are responsible for keeping your property safe, not your tenant.Out of curiosity, what reaso would the tenant have for removing the grates, or someone stealing them?

Although I won't name any names, I called on an ad in craigslist out of curiosity regarding their pitch and I asked the same question and got the runaround.

I disagree that there are tax benefits the accrue to an LLC for a rental property activity.  

As many bills as possible paid automatically via miles accruing credit card.

OMG Steve... does that mean the gas bill has been accruing in the tenant's name for more than two years?

So, in the future he uses the amount of credit he received from you and pays from his pocket the additional taxes accrued while he owned the property.

It is just a question of curiosity on the property.

These are several months of accruing arrears of late payments, several months of bad credit ratings for the homeowner etc.