whos responsible if he performs a repair that starts a fire or causes some other damage?  

The seller may not be aware of certain defects or hidden damage (insect damage, rot, etc.)It is buyer's responsible to complete their own inspection.

In fact if it goes to trial by jury the plaintiff could be awarded some pretty hefty punitive damages at the end of the day.

One of my buildings got damaged by a hailstorm a few years ago in Dallas and I received a $1.4 million payment.

When tenant damage stone counters (yes they do destroy everything) it is costly to replace.

Of course, if you are going the self-assembled team route (as opposed to full-service turnkey), there is the possibility that one of the cogs in your machine fails - your contractor bails or under quotes, your PM drops the ball - and you have to take a last minute flight to do damage control and find replacements.

Last summer it needed a full rehab--triggered by tenant damage with smoke but went ahead and used it as an opportunity to go ahead and do the upgrades it needed anyway.

It is a bank owned propertyThe pipes are damaged and there is a risk of flooding if the water is turned on.

I also found that the daughter has several felony convictions (damage to property and battery) and that the parents are having their wages garnished in the amount of $45,000.

Is rolling real estate out of your name and into a LLC a good way to repair credit that has been damaged from year of renters in my investment properties not paying rent on time.