I agree with the mortgage payment metaphor, although it's not exactly the same circumstances, so that's why I'm not 100% settled on course of action.2.

It's critical to understand the special legal issues that could come up in these circumstances, which is another key consideration for due diligence.

The bldg suffered from neglect and poor mgt.

Did you ask your attorney if you were sued in what circumstances would an umbrella policy not cover you?

In your circumstances, the owners will 100% have to personally guarantee any loan to the LLC, so this won't be an issue.

Partially by circumstance, albeit those that I created, I will confidently say that I am the amongst the very few local Real Estate Professionals that are as intimately familiar with the rules, regulations and requirements to reliably invest in a permittable vacation rental property ANYWHERE on the Oregon AND California Coast's. 

In this case, the victim of family violence has the right to break the lease and leave early after providing the landlord proof of circumstances.

Additionally, home had been neglected for a while but with a few good hands-on deck it was restored to its intended beauty.

Learn to read the irs codes, then evaluate your own specific circumstances. 

Superficial Improvements: The focus on aesthetics might mean that only visible areas are improved, while critical but unseen aspects like plumbing, electrical systems, and insulation are neglected.5.