Just to give the rest of this story (in case anyone was thinking of trying this) - the guy lost the house and there are people being prosecuted for trying this stunt.From the AP:FLOWER MOUND, Texas (AP) — After paying $16 to file a one-page claim to an empty, $340,000 home in an upscale Dallas suburb, Kenneth Robinson moved in furniture, hung a "No Trespassing" sign in the front window and invited television cameras inside for a tour.He quickly turned into something of a local celebrity, creating a website, http://16dollarhouse.com , where he sold an e-book and offered training sessions for would-be squatters.

Multi-member LLC's can help with the reduction of IRS audit exposure since 8825(rental property form for a partnership) is audited a lot less than a schedule e(rental property form for an individual/sole propriertorship)So while you may not have all the asset protection you want, A good multi-member LLC with a carefully drafted operating agreement and an umbrella insurance policy, is the best shot out there for a Landlord

If you have invested in any R/E investment education you will hear about many strategies and in most cases the information is condensed over 3 days.

I would also look at inexpensive no-frills windows instead of premium high-dollar low-e exotic glazing.

Also, print off an IRS 1040 schedule d or e or whichever it is and read the instructions on how to report rental income.

Or should I just get an umbrella coverage insurance policy and report the property on my 1040 Schedule E?

I would add off-street parking.There is an updated 3bed/2 bath renting across the street for $1500 w/ G&E.

The banks are horrible about returning e-mails and you'll be luckily if you ever speak to your "negotiator.

I could moderate the site, gather suggestions, send e-mails, etc.

Also if it has been on the market a long time then that is the fault of the listing broker/agent.It is inevitable that if a listing broker/agent does not control the seller from the get go then ultimately the broker/agent will be blamed later on for giving in to the sellers demands.You have to educate them upfront about real value to get it sold in a timely manner.If they won't do that you move onto the next.The last thing you want to be known for is taking overpriced listings.Brokers/agents won't want to be on your list as all you carry is overpriced product and have built up the sellers expectations so unrealistically that any potential buyer will be too far apart from the seller in negotiations to do a deal.