I have been in the real estate business for a few years but have recently rolled up my properties into an llc and set up a separate llc bank account in order to protect myself from a liability standpoint.

I have 20 fireplaces with 20 units.The buildings are 30 years old.I have in the lease where it says the fireplaces are inoperable and the tenants are not allowed to use them.They have to sign full name and then print with date next to the stipulation.Newer apartments don't have them anymore the wood burning kind for liability reasons.

In regards to Land Trusts in general, they don't actually offer any liability protection.

I know of NO (institutions) that would assume the liability of transferring title to a buyer that is NOT a party to the contract, as there is liability in selling ANY property.

If I do owner financing will it help ease his tax liability?

Anything less than that keeps the liability in place.Like all interactions with BofA it is a time-consuming process that severly tests my patience.

A leaking underground tank is the property owners liability and will be cleaned up (that's the case in Ca. anyway.

You might convey a small percentage to the MGT LLC so that it has an ownership interest, but limited so that any liability issue would have little to gained.4.

California has laws that can leave landlords on the loosing end of the deal. Like how it can take so long to get someone evicted. That is very frightening to me, since retaliation by wrecking your property is more ...

My personal opinion is twofold on the subject: 1)I follow the state regulations as it pertains to my contracting business. 2)The hazard posed by asbestos is real, but significantly over stated due to liability caused by lawyers chasing lawsuits.