Management of an LLC is generally less time-intensive than management of a corporation, and the opportunity to pierce the corporate veil is more likely with a more complex entity.But again, consult a CPA and/or attorney...

I wouldn't ruin my credit for 250 bucks a month.I highly doubt it would take 10 years to reach a payoff you could handle.A residential recovery and workout of toxic loans is at max about 3 years away on a national level with some areas performing and recovering much faster.Why not go to the bank and say rents have gone down and I am struggling.Ask for them to renew the next time at 3 or 4% interest.That will make the gap smaller and go up in rent just a little but not much.Yes insolvency will wipe out any 1099 phantom gain as long as your liabilities exceed your assets.Most local banks all have you sign a personal guarantee.They consider it YOUR WORD as a vice president has told me that you will honor your contract (one of my clients short selling an apartment).The bank said at that time they DID NOT want to short sale and favored instead writing the interest rate down and extending the loan another year at a frozen rate and see what happens.Banks do not want to DUMP everything like people believe.They only cut out properties they see as having no chance of a recovery in the future or a liability if the took back (war zone,environmental issues).In that case they will usually sell the note if it has environmental issues or they don't want to foreclose.I would try the options I have above instead of ruining credit.

With the specter of a US default growing over this debt ceiling issue, how do you think all this is going to work out?

My husband and I have the opportunity to work out the following lease option on a house we are interested in.

As an investor submitting offers on multiple REO & short sale properties daily, manually printing out the offer and wet signing it, scanning, and then emailing back is way too time intensive & unfeasible.

For me richness is about a balance in life.For me I try to get the most out of life financially,emotionally,spiritually,physically etc.I want to be balanced as much as possible in all aspects of my life.In a previous business I owned a restaurant.Great money but I was always putting out employee fires and they didn't care about the business like I did.In my 20's my cholesterol was 300 and my weight was 285 at 5 foot 9 inches tall.So I made some changes.Now I weigh 185 and cholesterol at 201.Workout and feel great,travel,work as much or as little as I want,and I don't feel like a slave to the business.If I choose I can ramp up my business more at any time but I control it now versus the other way around with previous businesses.I can show you a lot of tired,depressed,lonely,sad people that have a bunch of money.I would rather make 200k a year and have the terms I want in life then 350k and feel out of control and out of balance.Some brokers/agents tell me I will do this 24/7 and close tons of deals.I then ask them how long they have been doing it??

Having said all of that, I think we're in a state of stagnation and not many investments will work out that well, unless you're a trader and you can move in and out of positions quickly.

We tried 2 deals that didn't work out for my Roswell buyer.

Your one page contract may workout for you nearly all the time.

As the IRS says "Rental activities, by nature, normally do not require significant day-to-day involvement, i.e. they are not time intensive."