I've got two parcels  (.37 of an acre total) centrally located in the pedestrian area of a small but growing town in Southern Oregon. 

Your best bet is to buy a rowhouse, or condo if you can't afford a rowhouse, in an attractive part of the district and rent it out by the room.

That makes total sense.

.- Duplex. 3bd + 1ba, 1bd + 1ba- Somewhat dated, could use cosmetic updates but otherwise appears to be in good condition- $129,000I've spent some time looking at rental listings in the immediate area and my rough estimates are that you could get at least $500/mo for the 1bd and $1000/mo for the 3bd for a total of $1500/mo before any updates or renovations.

So I totally understand the "apprehension" when you first start.

They total upto $1.5 million of rental assets.How do I do asset protection against any lawsuits, especially in a tenant-friendly state like California.Actions Taken:- I have broken them down to 2 LLCs (3 properties in one LLC, and 2 in another).- I have Umbrella policy of $2 million.Ideally, I'd like to have 1 LLC per property but California LLC are one of the most expensive in the country.Can really use your help and inputs!

April 15th - Older 3 bedroom one bathPurchase Price - $500 + back lot rent - $212 + back taxes - 379$ Real Cost - $1091Rehab cost - $5600 - New Kitchen, flooring, paint and other minor upgrades Total = $6691Lot Rent - 187$Mortgage - paid cash Insurance - $350/year or $30/monthProperty Tax - 653$ per year or 55$/monthRent - $ 750 / month$ 478 - left every month for the account.  ** This property still needs an upgrade to the heat system that will be $2000 and has to be done before Oct 1st**In June, I saw a property listed on Facebook marketplace that was in rough shape. 

I have no intention of selling the condo anytime soon, so it’s very possible that in some number of years I will be upside right from a total investment perspective.

I'm not totally green to the life of a landlord, as I have managed my dad's 4plex property since I was a teenager.

In the end, due to the "great news" they found, they ended up not installing an overhead sewer line or digging out front to attach the downspouts to the mainline in front of our house, but instead, redirected some of the existing piping and doing an edited version of the proposed plan that more heavily used the intact mainline under the house.The end result has seemed to be a resolution to the problem (so the ultimate purpose of the work was achieved), but with what I would estimate to be about 50-70% of the total proposed work.