Everyone has to evaluate their own situation and the level of risk they're willing to take.

For my portfolio, there are few instances where I will ever have to raise rents above a 10% level. 

I ended up buying the LLC Master Machine.As an introduction, I am an attorney myself; my practice area focuses on business entity formations and governing documents, i.e. operating agreements for LLCs and bylaws, shareholder agreements for corporations, etc.I can honestly say that the level of detail with regard to the tax citations and reasoning to include such citations is well worth the money. 

@Chihiro Kurokawa I think of sydicating as a very high level avtivity with a lot potentially at stake.

@Xavier Williams This depends on your level of experience and knowledge, the amount of time you have to devote, your tolerance for risk and your ability to manage a project with a lot of moving parts.

I am new to real estate investing and so glad to have found such an incredible group of smart, talented and helpful people.Real estate investing on this level is new to me but I have always had the burning interest to one day really dive in.

total $1000 monthlyRemember most of the cashflow cities are just coming back to 2006 levels.. 130k down can get you a duplex, triplex or quad in riverside and san bernadino county. cash flow probably $400 to $500 a monthabout your other questions,,Need to set up LLC in state of property--- you dont need that. just a landlord insurance and a umbrella insurance to cover you.Need to set up business bank account--- rental income can be deposited in any accountNeed to find Mentor-- yes Need Attorney-- what for?

For that generation at an older age, it is likely a lower risk level is desirable.  

Especially with the level of patience we have shown due to the interest in this property.Question to experts in this community :  (a) What would be reasonable damage claim? 

Any property has value depending on the experience level of the buyer.