Risk can be mitigated by an astute investor.

As a landlord you'll make mistakes; we we all try to do is mitigate those risks so our mistakes are not too costly.

I'm sure at one time, asbestos was the scare tactic.Actually depending on your part of the country radon is quite real and an issue, many parts of our area have serious radon issues and radon mitigation systems are quite the norm due to the area being above large marellus shale deposits.

Thanks guys, I've been into real estate investing for a bit over a year now and plan to do some more, so I figured it was time to figure out this LLC thing to mitigate my risks.  

It's those maniacs that buy homes cash via quit claim deed off of craigslist that really get screwed.Make sure your property manager is a licensed real estate brokerage.Understand you can not eliminate all risk, only mitigate it.

You always want to know what your buying and mitigate the risk/rule out the bigger issues that could cost you the deal.

You goal is to mitigate risk.

However, I will attempt to mitigate the amount they owe by releasing the premises to a new tenant.  

By selling the home at a higher price than it was bought for, the original buyer will have made profit.KEY POINTS:1   Making money on flipping houses you will need to be diligent and have a system that mitigates risk.2   You will need constant education and sound practices in order to make a living in flipping houses.3    Being aware of the upgrades that are in demand in your market is paramount."

I was told that if I move these properties under an LLC (me and my brother would be partners 50-50), we can mitigate this issue.