If you’re doing everything correctly as it seems you should be fine and again there’s nothing wrong with adding the management LLC but don’t expect additional liability protection as a result.

Both of these had worked fine for 30, 40, 50 years or more. 

And like I said, we are in a 3 bed, renting out 2, and doing fine.

Typically because they felt their tax professional was fine, but not in tune or up to date with the real estate investing portion of their return. 

I asked the landlord if it would be OK and he said it was fine.

Also worked with OLM which is fine too

It’s one of those situations where the fine print can really bite you if you're not careful.From what I read in the Wall Street Journal a while back, a lot of these deals tend to come down to relationships.. having a good banker who understands the value of your policy is key.

I did have two called and we paid them off upon receipt of notice from the mortgage servicer/ credit union in one case.And there are many more gotchas bottom line if you have deep pockets this is fine if an investor thinks this is a no money down I dont need any money this is a disaster waiting to happen.

I got a $75 fine and need to clean up within 2 weeks. 

My list includes - last 2 years employment history and current employment [2 paystubs], criminal checks, eviction checks, No Pets, No smoking, tenant pays utilities, maintains landscape, no subleasing, bring own washer & dryer, 1 month security deposit and transfer of utilities before moving in, rental insurance, all occupants will be on lease, notice period of 2 months for termination, tenant references, No cosigners, no painting walls, late fee notice, any hoa fines should be paid by tenant, inspection of property at 3, 9 and 12 months.Please let me know if I am missing anything.3.