I met him - he seemed like a good guy - I end up leasing to him.He has a good reference from the person I'm going to partner with on property management and since I was moving out of town agreed to lease to him, he's older military - so despite the fact I've been screwed over by 3 other military families years before I go against my better judgement and decide to rent to him. 

A tenant is almost $4,000 late with rent.Through my property manager, we were awarded judgement and possession after an eviction proceeding.

This lesson really hit home for me when I put a home under contract against my better judgement at a price which was well above what i originally decided was my max. 

If you do this, you must do thorough DD on the LLC.  10 years from  now the LLC could be sued or a tax or code judgement applied regarding an incident from before you bought it and you'd be holding the bag. 

An investment with an experienced sponsor can mitigate some risks because you are participating in a larger acquisition than you might be able or willing to do on your own (which gives economies of scale), and you get to leverage the sponsor’s experience, judgement, track record, network and deal flow.But it also adds risks by adding an additional component not present in direct real estate investing:  the investment sponsor.

My understanding is it provides asset protection from the outside, but not from the inside in the case of a tenant winning a judgement.  

Property is located in MN and my understanding was that there could be IRS liens, personal judgements, etc. 

hello Team,I recently evicted my tenant from my apartment and i was also rewarded the 4,400$ back rent the tenant owned me, now the tenant have moved to a new address that i do not know, which make it hard to take her...

Colorado is a super lien state where an HOA lien can have priority over a 1st and/or 2nd mortgage, and any other subordinate liens or judgements on the property. 

@Edward Burke, no ‘judgement’ here on self-managing, but I must say I am impressed.