I should be covered through insurance.So, finally, my question is: how do you limit your exposure to legal liabilities as you your real estate net worth grows, assuming traditional mortgages remain an essential part of your strategy (i.e., an LLC won't work)?

We moved to Wisconsin, mainly motivated by providing a better life for our 1 year old son.

That does not mean sellers are motivated to give you a discount.  

We estimate lease rates for landowners on a regular basis and I can tell you that sometimes lease rates have remained stagnant for decades because of changes in roadways and development patterns.

Stay motivated

However, one of my grandmas wishes is that her house remain vacant while she is still alive.

@Cameron Riley The guy is an idiot, and an obvious racist, so what's his motive to tell you this?

If it's below 5%, you can likely do better by investing your remaining funds in something that generates more income.

Well, if they see mom happy and dad treating her with respect, then the world remains rightfully aligned on its Axis in their eyes and universal harmony remains in balance.

Best for you to buy remaining owners out.I have not seen bylaws that protects the minority owners in these cases, nor would I care to be a minority owner.