An unfavorable tax ruling may cancel deferral of capital gains and result in immediate tax liabilities;· Potential for foreclosure – All financed real estate investments have potential for foreclosure;· Illiquidity – Because 1031 exchanges are commonly offered through private placement offerings and are illiquid securities.

Thus eliminating any current or future tax liabilities on said profits.

If so, then you have no tax liability. 

If you recently inherited the property from a family member, you may have received a step up in basis and wouldn't have a tax liability.

Next, I would check with the local heal district to ensure the liability for food safety is on the vendors and not on you. 

I think mold, especially that much is a huge liability issue.

Generally speaking an open fireplace is always a liability in a rental property, so we decided to remove it.

According to SBA.gov, the Limited Liability part of an LLC means "members are protected from personal liability for business decisions or actions of the LLC".

It is a bit of a hassle to invest in SFH vs other options,  with all the paperwork, loans,tenants, time, taxes, turnover, liabilities etc...For me it is important that is worth all the hassle.

Owning land can come with all kinds of liabilities you may not think of before buying it.