China’s rise as a global power is virtually undisputed, and no one seriously doubts that China will one day eclipse the US as the world’s most important economy.

I decided a long time ago that when my passive income eclipsed my 9-5 I would retire.That being done, RE became a very addictive but fulfilling pursuit.I have thoroughly enjoyed the many years we have been in it,& we have many new 'friends' who now OWN their homes outright because of the lending etc we offered.

Having to cover 100% of the debt eclipses the income.

I like the prior posts as tax delinquent people tend not to respond to anything but a good shaking, in person, and that requires a door knock and a principal who opens the door.Also, they may not live at the subject property and have to be located, sometimes "skip traced" and that located visited in person, often multiple times because these people have busy schedules, evidenced by their priorities eclipsing their need to protect these properties from loss. 

Save the LLCs for segregating investors or for joint ventures where a business structure is needed.Brian has my vote for best post of 2016 here on outlining how the duty to defend, which you get from your insurance not your llc, is often key ( and I like a landlords policy with all bells and whistles plus an umbrella, as I have just few residential as small scale landlord with only  1-4 unit property) .. the cost of the defense now may eclipse the liability in some cases and is present even if you prevail..so insure properly whatever you decide for an entity......Other cons, you may also lose the ability to represent yourself in an eviction and have challenges in financing and refinancing as mentioned  ( and I won't get to due on sale here but search that on BP for more discussion there)...

Hi @Mike H.Sorry for delay, just back from Idaho to see the eclipse!  

The size of the bond market far and away eclipses the size of the stock market.

I just noticed that the BiggerPockets Forums recently eclipsed the 275,000 forum post milestone!

And, of course, you may even find the real estate income can eventually equal or eclipse your day job so you can keep it if you have meaningful work, as mentioned above..or move on...

So think about how it fits your ability to follow the rules...And perhaps the real 800 lb gorilla is legal fees in a lawsuit and the LLC has no duty to defend as mentioned above, so you want the landlord policy and umbrella there for that, so you can afford the legal fight in the first place, and legal fees eclipse the claims over and over these days (the phantom threat is legal fees perhaps as much as liabilities in my opinion, 10K slip and fall 100K legal fees)....And you still may need the landlord policy for the claims related to issues like wrongful eviction, fair housing, etc so you have coverage there and defense costs covered as mentioned above...