But, the limited liability protection of the entity shouldn't necessarily be affected should somebody sue the LLC.Yes, commercial loan rates and terms for rentals aren't nearly as good as residential loans. 

Corporate leases under corporate names as well, I still take lots of caution, name of the game is knowing who is in there to protect your investment and quite honestly the community around you.

You can protect yourself from potential liabilities without an LLC  by purchasing an umbrella policy.

Hey Jessica,I have house hacked a condo in wicker park and I do still collect security deposits and go through all the normal processes just to protect myself.

Nearly every State's contract has a section for special instructions to lay out terms, add extra documentation etc.The "one pager" contract has its place, but I use the State contract 98% of the time because it offers excellent protection to both seller and buyer, is easy to fill out, and is what everyone is used to seeing.

However, using locals that are familiar brings a significant advantage since they are familiar with the key players in the area.4.

It allows you some protection.  

Would love to get some feedback on what they could be and how I should protect myself going forward.2.

She doesn't.By rejecting her application, you are protecting yourself but you're also protecting her from getting into a financial situation she can't afford.

However, for just yourself, I personally don't see a reason for the limited liability protection, the primary benefit of a LLC.Good luck.