We do require a security deposit on the rental with the most costly furnishings.

One lease is missing and a security deposit.

Age: Mid 30s, job: decent and secure, pays all the bills now, goals in real estate: to build a passive income so that the job (over $100k annually) becomes optional.

I have a tenant with a substantial security deposit who stopped paying rent.

damn, 120% that crazy im just stuck now trying to find funding for a deal im working on that would be my first seller financed deal if I cant secure funding im gonna have to trash the deal since the seller doesn't want all cash upfront.

One being that I want security in retirement and  steady flowing business when I retire from the municipal job.

They are underinsured believing that a n llc is some magic shield.If you go the llc route then sit down with the proper professionals and understand exactly what you need to do to make it a viable llc -the ongoing work it entails-and not one of the majority of slap-dashed llc’s that do nothing but give people a false sense of security and accomplishment.I do not have my buildings in an LLC.

Or do I have to officially put the P&S into escrow with title company?

It feels absolutely empowering to know that there are sooooo many like-minded individuals looking to secure their financial future in the art of real estate investing. 

I’m in the Peoria area also and have an identical background to yours, except I was with Palm Springs PD in California then moved out here to get into corporate security with CAT.