Legitimate, in this case, means that the entity is part of an overall business investment strategy whereby you have a business plan, tax returns, and the funds you seek are for further business expansion.If, however, the LLC is a stand alone entity, is not profitable, or is not legitimate, then your probably better off putting into your personal name and securing funding that way, or still talking to local or regional banks to see if they have any loan programs available where you might be able to secure financing.

Taxes have to be paid, so does insurance, what about maintenance? 

Luckily both sites collect the taxes for our place.Our little town did implement a 1% tax that I have to pay separately.

After looking into it more, I'm concerned about potential tax implications and legal issues, such as piercing the corporate veil.

To make a new property cash flow with current prices, interest rates, taxes, and insurance, you're putting at least 40-50% down.

Is it fair that the county can raise property taxes due to a strong market?

It's just hard to prove that the tenant caused the issue, since as time passes the drain tends to accumulates as well.

Also what does the city say is the assessed value of the property on your taxes (it will be different than the appraised value, but should give you an idea).

You can find the most recent sales price for the property on the local tax records website or by doing a quick search on Zillow.

I imagine I can get his wages garnished or maybe collect from his tax return.