The main reason is if there is a law suit they typically file it against both the PM and you.

If someone is renting out a higher-end fully furnished suite, what term is common in the community for that?

Real property consists of land, buildings or other inherently permanent structures.Examples of Personal Property (contained in or attached to a structure/building)Interior LandscapingNeon or Other SignsDisplay Racks, Shelves or CabinetsWall CoveringsWindow TreatmentsCertain Air-conditioning EquipmentDecorative and Specific Business Activity Light FixturesCarpetingDecorative Trim & MillworkMachinery, Generators & Kitchen EquipmentAccordion Doors and PartitionsExamples of Real PropertyLand (non-depreciable)Buildings (27.5 or 39 year depreciation)Exterior Landscaping (15 year depreciation)Paved Parking Areas (15 year depreciation)Swimming Pools (15 year depreciation)Fences (15 year depreciation)Bridges (15 year depreciation)Side-walks (15 year depreciation)Docks (15 year depreciation)After the tax reform, the structural value of a building is depreciated over 27.5 to 39 years and the tangible portion of a building is allowed to be expensed immediately in the year the assets were placed into service by the business.

It is a fixer upper, so we are doing some of the work on our own and also contracting out some of the projects such as kitchen remodel, floor replacement, master suite upgrade, etc.

That is enough water to fill a decent size swimming pool. 

Lessor may at any time thereafter, without notice, reenter said premises and lessee agrees that lessor, his agents or assigns, may commence for suit or possession and for any and all rent or damages accruing to lessor without prior notice or demand to lessee.Waiver of any covenant or agreement contained in thus lease at any one time shall not be agreement at any other time.

And is your intent to deed each property into same LLC (not advised because a successful suit against that one LLC gives access to all your assets).

Ideally, I would close out the self-directed IRA and move the money back to an IRA brokerage account as it is not enough to do much with it and to avoid paying the annual fees on the account, but a law suit was filed and there might or might not be any money coming my way in the future regarding this loss.My question is, do I need to leave the self-directed IRA open until the potential money from the law suit comes in, or could I move the law suit money into an IRA brokerage account as well?

I want to be a part of the class in any class action suit, if that's the most effective way to assert my rights.

The only reason I’d include SFH in my search is because I knew you’d find a mother in law suite every now and then.