Also, before finding tenants, ensure that the property is move-in ready, research fair market rent, carefully screen applicants and have a lawyer draft a lease agreement specific to the state where the property is.

Seems like the house will sell itself.....and escrow is pretty automatic nowadays..... where are you going to move Bruce ?

I was moving forward with them but was just informed i need to sign CA form D-1 which states "the insurer does not patriciate in any of the insurance guarantee funds created by California Law, therefore these funds will not pay your claims or protect your assets if the insurer becomes insolvent" .Seems kind of risky but does anyone have any thoughts on this?

Who is the appropriate professional that I would need to consult about legal aspects and benefits of moving my rentals into LLC?

The owners are out of state, and they are selling to move to a bigger deal.

I had a similar situation , I kept the house clean , neat and liveable for 10 years , when the last tenant moved out , full gut down to the studs rehab , everything new . 

A cost segregation study is a strategic tax planning tool that separates the assets that have a shorter useful life and can be depreciated over 5, 7 and 15 years from the residential rental property or nonresidential real property that are depreciated over 27.5 and 39 years, respectively.

Separate from that, there isn't any special provision for storm damage not negatively impacting your insurance.

Turn what you have over to the police and move on with your life.

I’ve been involved in previous investments as the Director of Sweat Equity but I’m finally going drop the training wheels after years and years of just talking about it doing it and making a move!