I guess it depends on the size of your portfolio.. at one time we had 350 homes.. that would be a little wild to have 350 LLC's and do 350 tax returns..I had a partner that insisted on some new builds we were doing.. that each be its own LLC.. so there you go own LLC own checking account separate tax returns.. by the time we got to about the 5th one he said screw that this is too much work.plus you cant just bank rupt an LLC if you do they come after you personally.. these do not protect you personally..  

I would insist on full payment and then they collect from the deadbeat.

He WILL start getting the message that you moved on; and if worse comes to show and insists on final payment and goes as far as filing a lien against the property (which is highly unlikely because of the amount of fees and time involved) show the paperwork to the town of the vague contract  and pictures of the house in the AS-IS condition it is in; and you could also say he was suppose to finish the work in a certain time frame and it's still in this condition.You could also report his company to the BBB if worse comes to show. 

Third time because they insisted that I needed to have a separate EIN for my LLC.

We tell the housing office that we will keep advertising it until we have a signed lease, which they won't authorize until after the inspection. 2) They always insist on lower than market rate rent, which we won't accept, even though the federal guideline tables provide for more generous rents.

I see you are in Sisters Oregon I'm sure you've enjoyed the market! 

We learn  from our realtor; one of her client try to request current owner responsible to deliver with vacant upon closing;  however, owner insist only responsible to issue notice to the existing tenant.

Any of my clients who insist on buying in Toronto, or the "tighter GTA", do it because they have experienced market downturns, and know that, usually, where there are the most people, the most money, and the most job, weathers the storm better than areas which are further out.

Our main policy covers us (so long as we don't allow STRs, which we do not), so it's been something I've been lax about.However...One of our tenants actually read the lease and got the policy without my insisting, and she went with Lemonade Insurance. 

[I just wrote this whole big post with details and my impressions of the house, but I realized none of it is relevant to the question, so I deleted it all.]Anyway, during the walk through, the realtor kept insisting that the seller was very motivated, and every time she said it, she would lean on the "very" harder and harder.