Not sure if the upstairs tenant (heavyset person with a dog) plays a role.Seeking suggestions.

The cost to repair your vehicle, and perhaps the other person's car, will be WAY MORE than the cost of the insurance premiums you saved by not having insurance. 

If you give someone over 19% membership interest in the deal, the bank will usually require a personal guarantee from that individual. 

Personally, I've bought older homes since I invest in mobile homes myself.

Appreciation is only a THEORY until a person SELLS, be it gain or loss. 

Quote from @Basit Siddiqi: I personally would not buy real estate with a retirement account.There are just too many headaches that are not worth the potential increased return.Some headaches when it comes to investing in real estate with a retirement account1) LTV values are less and harder to find lenders.2) Potential to sell or partially distibute the property if you have to do a RMD(Required Minimum Distribution)3) If you run out of cash and have to make a major repair, you may be out of luck and have to sell.4) Having to potentially worry about UBTI(Unrelated Business Taxable Income)I would personally invest in stocks/bonds/notes with a retirement account.I buy deals with cash and use a ROTH SDIRA so there are no RMD's.I buy at huge discounts to retail.

Quote from @Zach Howard: I think it's probably better to hold real estate in an LLC than in my personal name.

You will have to pay higher personal income tax rate, versus waitingtill after one year for lower Capital gain tax rates.

This process is done immediately if there is an asset they can show....the wrap note that is an asset.One of my coaching clients is selling his personal residence like this after he gets done with his forensic loan audit so that he can downsize.

The owner was motivated due to personal circumstances and wanted to avoid the hassle of listing the property publicly.