I was in court and saw it first hand.

Do you understand if you do not underwrite as per the ATR Rules of Dodd Frank and the buyer brings you to court, you could owe a penalty as much as 36 monthly payments, down payment, court costs, and attorneys fees?

You file in small claims court to collect rent owed and damages.This is routine for landlords and although many will suggest that it is a waste of time it has been proven that at some time in the future many will come back to settle the claim.

I have told by many on this site this may not hold up in court but I do have written in my lease that for damages I can bill 45/hour of my time.  

Put a lot of money into the wrong rehab projects and lost the property and had to declare Chapter 13.

They dealt with vanity cabinets, and it was specifically noted by the court that they were bolted to the wall, indicating permanence.

Landlord and Tenant agree to mediate any dispute or claim arising between them out of this Agreement, or any resulting transaction, before resorting to court action.

Usually you would need to have the LLC registered in the state where the property is located as your entity needs to be recognized there to be able to act in court (like for an eviction).You may get around it by using a local property management company that would be the local entity representing you.If you use a foreign LLC, you would probably have to foreign register it with the state, and it costs usually around the same as having a new LLC in that state.

@Mohammed F.Of course, your should consult a proedessional...The main/only issue with an out of state LLC that isn’t registered as a foreign entity in that state is you won’t be able to go to court.

Things do constantly change in RE, generally they are small issues, some court ruling or local ordinance or a new financing requirement.