I like rental properties as long term investments, my parents owned several properties and I realized how great this type of investing was through what they have provided for my family.

My parents own our residential property on the same street and it just appraised for $310k.

Many of us have not been financially educated by our parents, so now you have to teach yourself as an adult which is a lot harder - I speak from personal experience.It may not take you that long, but this is going to be your foundation and it is important.

You could probably do something in coordination with your parents.

If it happens again and  I do not repair, can PHA withhold rent?

Also parents visiting thier children who don't want/can't stay in thier children's often cramped college housing. hope this helps! 

And enjoy that grandkid (I am a father of a 1.5 y/o and my parents barely notice me anymore :))

What little I know about problems like this is that it's rarely an easy fix.My parents had sinkholes in their backyard (in NY) because when the house was built they backfilled the swamp with old logs and stumps, and covered with a few feet of dirt. 

The only thing I could think of is if my brother or parents, who still live in OH, become the LLC member(s) but I don't really want to put that burden on them (and not sure if that is even "legal").The other option it seems that I'd have to go with is an Umbrella Policy which should be cheaper, when compared to the LLC and the dumb CA tax (but I do not have an Umbrella quote yet).Are there any other reasonable options for coverage against your personal property/financials in case of legal issues?

Morgantown is great for 1 year lease rentals for students, but the short term rentals would be limited to football season and parents visiting their children at WVU.