You will still have to register but NV is much much stronger for the use intended.Yes you always need to have an operating agreement and follow the requirements in order to keep and maintain the protection (it's just a good idea anyway)  In your LLC package you should get the EIN, Op Agreement, Certificates, and a list of documents and filings that you will need to operate

Kidding kidding That being said OP, I personally don't run my business that way of giving free stays of any reason (other than immediate family members)

I'd like to think the OP had a personal breakthrough.

I currently own a co-op in Oakland Gardens - would love to house hack in the area but everything around my way in $1 million plus (INSANE).  

I'm not the OP, but to answer your question @Lawson Ott, I'd be interested in hearing recommendations for PMCs. 

The OP did not provide nearly enough info for anyone to give any kind of informed and well thought out response.

I also am aware of the large percentage of unencumbered or low LTV mortgaged properties.One reason why the medias portrayal the last few years of "Everyone" being underwater was ridiculous.I think that the general plan you talked about where you levered the heck out of your early holdings but eventually went towards reducing debt is a fabulous plan that will reduce a lot of risk and drastically increase cash flow over time.Really I think that the only thing we really are disagreeing about is that I think that the OPs original question was a black and white should you be willing to use debt or NEVER use it.

That's right, they BURNED THE NEW HOUSING DEVELOPMENT TO THE GROUND.I'm with you regarding the issue of how taxpayer moeny is spent, but OP asked what the impact of a decision like that would be, and I maintain that it would be DEVESTATING if ti actually happened all at once as suggested.

I wouldn't want a judge deciding what repairs are necessary or not.Unfortunately, the issues posted by the op are not so cut-and-dry and require soft gloves. 

If the OP wanted my random guess, I'm happy to give it to him, but I'm guessing he wants more than that.