They will answer your question in valuation, death, divorce, lawsuit, etc. 

Landlords need to tread lightly here because the clever former tenant might consider filing a slander or libel lawsuit if they want to continue being a thorn in someone's side.When I went to the leasing office one morning to pay my rent, I overheard one of the staff talking on the phone to a prospective tenant.

Now let's say "Larry The Lawsuit King" walks by your IA rental property and decides to take a big slip on the ice and now "must" sue you, because your a "big rich investment property owner".

This level of confusion can be very dangerous, especially if you both have already signed papers to hold deed to this property and are both 100% liable to the mortgage.Pay the cost upfront for an attorney to draft everything out between you two now, or deal with the pain and cost of attorney fees, lawsuits, time in court, and all the time lost.

Use the lawsuit as a scary stick, but give them an option to pay half by a certain date in exchange for you paying the other half.

That, coupled with the fact that lawsuits are very infrequent - and risk can be mitigated more cheaply with insurance.

Will depend on several factors like the type of property, type of tenants, your risk tolerance, other assets you own, your estate planning, laws where the property is located, etc.Any lawsuits would be limited to the assets of the LLC and not your personal assets (assuming you run the LLC appropriately and the corporate veil is not pierced).

@Brian Adzadi that's what i get for login on to BP via cell phone auto correct does its own thing sometimes but, what about protection from lawsuits?

During their lifetime they have received the major benefit of living and working without the fear of losing their assets in a lawsuit.

., buy an SFH with an in-law suite that can be sourced as an STR via Airbnb.