For a landlord a tenant defaulting will likely mean a late or no rent payment.IF your goal in screening is to reduce risk then not following your screening standards means you are increasing your risk.

This is great for investors looking to reduce their tax burden, and build long term wealth.

The way to reduce water usage was either to put bricks in the tank, fill a milk jug, or adjust the ballcock to reduce the water usage.

Your tenants can reduce their risk of loss by keeping the place tidy and helping with showings even while they still live in the unit.

This can also reduce your homeowners insurance premium, so it’s important to run the actual numbers on a specific property to accurately project cash flow.

We were mistakenly given an upstairs unit one time immediately after I had a baby (she was like two weeks old, and our fourth child so we had an 18mo also, and the concrete stairs gave me the absolute worst anxiety) so I agree that a three story walkup won’t be agreeable to her after a few months and she might want to leave anyway. 

Should I start a new LLC for each new property in order to reduce liability over lawsuits?

If you can, and there's track record and credibility there, it wouldn't reduce my perception of value much.

I would say if you are a beginner, the geographic distance is probably going to cause you some anxiety over the years. 

FYI, one last note, I originally listed this property at 209,900 & reduced it down to 199,900.