The idea of debt-free is that if a person is going to retire and has to completely depend on the income, they don't want a severe recession surprising them and causing them to default on the debt and losing the properties.In a normal world, I would do that as well.

@Sarah Hadassah Negrón so you get a money judgment.Now you have to turn that into a garnishment action with the courts.To do that, you typcially need to have the tenant personally served - which means finding them or hiring a skip-tracer to do so.Then, what are you going to garnish?

I've personally sold a number of properties to VA buyers.

For example, they won't need to cover your personal belongings (furniture, clothing, etc.) because you won't be living there.A landlord policy should cost about the same as a homeowner's policy; it just changes what is covered.

Have met him personally a couple times and he is just a great guy all around. 

I personally used business credit cards to BRRRR a deal—no money came out of my pocket.

This is my personal opinion, which probably won't be popular.If you are worried about the cost of hiring an attorney to create a proper operating agreement for your LLC, you probably don't need an LLC, and if you choose to use an online site to create an LLC, you probably get the protection you paid for.

Who gets blamed for and/or has to handle the following unique to nonfamily roommates:1) Missing personal possessions?

Meghan, Thanks for the response!

Explore my personal favorites, Set For Life by Scott Trench or The Total Money Makeover by Dave Ramsey, for invaluable financial insights.3.