So often @Leah Dineen the headaches are worst with a poor manager or co-host.

Always consider the possible exit strategies before you buy a property--I try to avoid buying properties that only have only one exit strategy or one use, because that's too much risk for me. ...If you found yourself in over your head with the management of the STR (which is much more time intensive to manage than a LTR), or if the STR market stalls and you have too much vacancy, you could pull the rip cord and turn it into a LTR (which would lower your cashflow, but would also free up a lot of your time, and lower your exposure to the numerous risks of STRs)...but if your STR only works as a STR, then you could easily find yourself between a rock and a hard place...know your exit strategies, and have sufficiently safe exit strategies to protect yourself from worst-case scenarios before you buy a property.Having said all that, the househack/STR strategies I described above would usually be significantly riskier, and significantly more challenging that just buying a normal house and house hacking it...Consider these two scenarios:1.

Worst case scenario, you could hook up a tow line and drag the bag under the overhead lines with a car or truck.Here is a link to a video where the crane reaches under overhead lines to grab the bag:Bagster Video

Definitely speak to a lawyer but mainly the LLC is providing you an additional layer of protection in the worst case scenarios that exceed your insurance coverage.

Not the best neighborhoods, but not the worst.

Always make sure you are sufficiently capitalized, the worst thing that can happen to you is a low appraisal coming back and now you don't have the capital you need to close!

It is our worst performing RE. 

One thing I've noticed is that this time of year (Spring/summer) is generally the best time to sell but the worst time to buy.

Just trying to get an understanding of worst-case scenarios. 

Property 2 is a 2 bedroom 1 bath in good condition in the worst part of town.