The liability is there - held in reserve until a certain lease is 'closed.' 

One thing to clarify, we held our properties in a Revocable Trust and want to purchase in an LLC. 

I see so many articles about the protective benefits of doing this, but my lender (and other lenders I've asked) say that residential mortgages cannot be held under LLCs (only commercial mortgages can), and that doing so can cause your entire loan to be called at once under penalty of foreclosure. 

How is title to the property held?

I think the challenge is that local meetups tend to be held in restaurants that cost money and they don't attend.

Might as well play poker - even there you might have more of a shot...

Umbrellla insurance beats an LLC in many cases.Our properties are in LLCs, held by our Trust.

This needs to be held separate and apart from any rent proceeds (typically in an escrow or trust account) until the tenant moves out.

Some states like mine require it to be held separate from rent collection accounts. 

Developer/builders will continue to wisely throttle production and, will continue to "own" to net unit available market in market share presence now held at about 2X "norm" market share.