There are many buildings with systems reaching the end of their life - Galvanized hot water risers, leaking vent stacks, aging window systems, outdated elevator and fire safety equipment.

Well, okay a bit of an exaggeration, but they are distinctly different skill sets.The problem is you believe you've already achieved and I'm not sure you could tolerate someone else being the brain of the operation.

As you've noticed, rental property insurance is extremely tough to find in Louisiana right now, and will be highly dependent on the age of the roofs on your properties.

And great distinction to make.

Myself and family truly loved the property and house; just want others opinions on if this may be a mistake to proceed, or does this appear common practice for the age and location (upstate New York). 

@Charlie Brown, I'm not super familiar with your market specifically but I think this strategy works anywhere:- Find a boutique, niche, ideally aging broker/brokerage in your market, and start adding value. 

Corporate Veil: Courts tend to respect the corporate veil (the legal distinction between the LLC and its owners) more when the LLC is properly formed and operated in the state where the property is located, reducing the risk of personal liability.4.

@Pam Brown we get that you're trying to answer questions and build your profile, but you may want to take a moment to check the age of a queery before you respond.This one is 3 years old!

The IRA is purchasing the property as an investment.Because income to the IRA is tax-sheltered, you must keep it distinctly separate from yourself or close family members. 

Screen and approve all residences over the age of 18.