Just to give the rest of this story (in case anyone was thinking of trying this) - the guy lost the house and there are people being prosecuted for trying this stunt.From the AP:FLOWER MOUND, Texas (AP) — After paying $16 to file a one-page claim to an empty, $340,000 home in an upscale Dallas suburb, Kenneth Robinson moved in furniture, hung a "No Trespassing" sign in the front window and invited television cameras inside for a tour.He quickly turned into something of a local celebrity, creating a website, http://16dollarhouse.com , where he sold an e-book and offered training sessions for would-be squatters.

Multi-member LLC's can help with the reduction of IRS audit exposure since 8825(rental property form for a partnership) is audited a lot less than a schedule e(rental property form for an individual/sole propriertorship)So while you may not have all the asset protection you want, A good multi-member LLC with a carefully drafted operating agreement and an umbrella insurance policy, is the best shot out there for a Landlord

If you have invested in any R/E investment education you will hear about many strategies and in most cases the information is condensed over 3 days.

I would also look at inexpensive no-frills windows instead of premium high-dollar low-e exotic glazing.

Also, print off an IRS 1040 schedule d or e or whichever it is and read the instructions on how to report rental income.

Or should I just get an umbrella coverage insurance policy and report the property on my 1040 Schedule E?

I would add off-street parking.There is an updated 3bed/2 bath renting across the street for $1500 w/ G&E.

The banks are horrible about returning e-mails and you'll be luckily if you ever speak to your "negotiator.

I could moderate the site, gather suggestions, send e-mails, etc.

I can tell you some sellers do not like wholesalers.They don't want maybe's.The seller wants to know it will close and not if a,b,c,d,e,f,g happens.