I'm pretty sure if you look up Harden or bulletproof your rental you will be able to find this thread, it is full of fairly low cost ways to make your rental better protected form rough tenants.

You need to be ridiculous (realistic) with you calculations in order to protect yourself.  

The LLC will provide you some protection.

I live in IL and also want to know how long I have to wait to refinance and if it is better to cash out or should I consider getting a line of credit.Appreciate your advise and expertise!  

Besides the non-disclosure provisions for those trying to protect their identity, any other reason you would suggest Nevada for LLCs?

If you want one that protects your interests, call your local AIA chapter and they'll help you determine which one you might use.

You're paying for their expertise. 

It does not matter if you own one small rental property our a massive multi-family  complex perhaps the most important job a property manager has is to protect the property and residents from a "bad renter". 

@Casey CarrollThis is all new to me so bare with me please......So, the NROC is basically insurance for the owner to protect their property while you're renting, until and IF you dicide to buy...

ITo protect your interest always serve the notice to quit the first day you can this way if you need to proceed with a full blown eviction you have already taken the first step.