There's also looking at income stability - not just cash flowing in - but how many different jobs have they held in the last two years.

I'd say yes, you may be held liable for injuries on the property with our sue happy state of Californians.

For example, I wasn't informed once that buying in certain areas have really big risks such as horrible tenants, squatters moving in when people move out, stealing everything from your house including water heaters and any metal they can scrap for money.  

My properties are held by a Series LLC, so my situation may be slightly different than yours, as this type of LLC is not available in all states. 

I hesitate to call it a ‘flip’ considering that we held the project for just over a year.

Could we be held liable for anything if we don't choose to get a property inspected?

@Marina Wong, given the distance between the bents (the metal framing system), I'm wondering if the roof was constructed using SIPS or SIPS-type panels (a rigid insulated panels with a drywall face on the underside and a plywood/OSB face on the other); do you know?  

This house was built in 1938 and has hardwood floors and a metal roof.

The unrecorded deed will be held in escrow with escrow instructions.Charles Parrish

For the second LLC, which will be for our buy-and-hold properties, we elected the "default" option for tax purposes.These entities can be held in a certain kind of trust for purposes of privacy/confidentiality.