I have used renters insurance as a renter, example, I accidently dropped my gun safe down a flight of stairs while moving and the safe damaged the hardwood floors bad enough that the entire first floor needed new flooring because they couldn't match the floors, my renters insurance covered the damages in full with no deductible.

Love those old houses, but there are always unexpected items.

But then if something unexpected happens that disrupts our anticipated work, important things get missed.

His tenants however probably have little understanding that they have no more rights than squatters, and might be profoundly impacted by losing housing unexpectedly, even though they are paying rent. 

Oh, and the property taxbill was also about to come due.All of these unexpected expenses resulted in our bank account for the property running dangerously low.

Expect the unexpected when dealing with animals. 

There was so much I didn’t know but I figured the worst that would happen is I wouldn’t qualify for a house.I bought and flipped that house due to unexpected life circumstances 2 years later.

If this is your only concern, this can generally be accomplished through a good insurance policy.However, an asset protection talk I attended last year (that was focused on California law, so you will need to check to see how this applies in Michigan) pointed out that if you are sued personally (say you are in a car accident) having property in an LLC can protect it from being seized as damages.From a federal tax perspective, there are no real differences between having rental property in an LLC or owning it individually.

You don't know me and you don't know others you accidently of deceptive practicesIf you would say there are some bad wholesalers as well as bad R E agents I would agree with you but you can't even say  the word wholesaler which pretty much exposes your bias. 

I'm looking at buying my first rental property that was specifically intended for rent (as opposed to my current rental which happened on accident after the crash).I just want to bounce my thoughts off of BP as a sounding board to make sure I'm looking at this properly.I have about 50k to spend on a property in a different state.