You'll need to separate your assets (either by using a Series-LLC or individual LLC with assessed distribution of assets by LLC) and you'll need to separate your passive (asset holding entities) from active operations (the property management side).After you took care of all this you can look into other more complicated/expensive strategies like you describe (equity stripping).Here is a diagram to help you on this quest - talk with @Scott Smith for professional advice on this:

As I mentioned, it was a year ago, my memory failed me : )

Don't ask the lawyer (or the insurance agent) unless you have money to spend.Here is a diagram to help you a bit on your quest:

I guess its selective memory issues. 

I have identified a handful of properties which work very well for the single family assisted-living/memory care model.

Otherwise memories fade fast.

I would recommend you look into owning at least the real estate portion of a single family memory care or assisted living home.

Be polite and leave them with a good memory, and you with a good feeling for your next call.

Although I have spent the vast majority of my life living in So Cal, including the SFV, unfortunately I was far too young in the 1970's to have had any memories of what the real estate market was like  :-) I can say that I think one of the major differences is that LA always had a somewhat diversified economic base.  

She doesn't have much but she has the memories of us growing up in that house and i don't want to take that away unless it comes to it.