And then move into one of the units later on. 

(It ended up selling about 9 months later for less than 2/3 of original asking price.)

I wanted to find out an asked the question here on BP a year ago if anyone was ever saved by their LLC. 140 replies later, no text book case.

Within six months, he had a steady rental income, and two years later, he leveraged the equity to buy a fourplex.

Have a good lease with "teeth" - late fees for late rent, occupancy rules, pet rules and etc. - and do not violate your own lease by being too easy, or very quickly you will not have any lease at all and your tenant(s) will do whatever they want at your expense. 

Because the sump wasn't running and there was a foundation issue we knew about and had figured in. 3 days later the water was up to 8 inches.

I'll gladly take that income later, when I'm in a lower tax bracket, such as retirement.

Late rent payments, etc. 

That move felt risky at first, but the guy ended up calling me three months later, thrilled that those subtle changes in leverage gave him a disctreet edge.

The investors accepted it.  3 months later the buyer tried to reduce the purchase price to $2.6M to stiff arm the investors.