There should be a clause covering insect infestations in it stating that if nothing is reported within the first couple weeks of the tenant moving in the tenant is responsible for the extermination.

In the comments of the first, attorney Clint Coons advocates the land trust/LLC technique.http://www.biggerpockets.com/renewsblog/2010/10/14/will-your-real-estate-asset-protection-stand-up-in-a-fight/http://www.biggerpockets.com/renewsblog/2009/03/11/land-trusts-asset-protection/http://www.biggerpockets.com/renewsblog/2010/09/23/land-trust-traps-for-the-unwary-investor/http://www.biggerpockets.com/renewsblog/2010/09/30/land-trust-traps-for-the-unwary-investor-2/Clint's BP site: invaluable reading.http://www.biggerpockets.com/renewsblog/author/ccoons12/

Single-family houses: Tenant agrees to provide for adequate pest control, including, but not limited to preventing and eliminating destructive insects, rodents, and reptiles found on the premises.

Do you have any passive losses trapped in the property?

The problem with a C Corp is that any losses I incur would be trapped in the company, as opposed to an LLC where I could use them to offset my Salary income.

They'll know traps you don't even know to ask about.

Any trap doors I should be looking out for?

The old man left a black cat trapped inside the house that my brother let loose when he opened a cabinet door! 

Also and more important, what is your strategy or how to avoid falling into the trap of acquiring too much debt? 

In fact this year we are averaging 19% and turning most of ours over to Long term rentals.Where a lot of people have gone wrong is to believe the hype and fall into the trap of buying a home that they can use for a few months of the year and rent it out for the rest and expect that to pay for the huge mortgage they took on to get it.