Insurance would cover it, I would pay the deductible, and no assets would be lost.If you are in an area like San Diego where people are more likely to sue, a judge is more likely to find you guilty, and the payout is expected to be higher, you may consider an umbrella insurance policy.

The down-payment and closing cost shouldn't be that high for him to pay by himself.

I like the benefits of S-Corp, however we wont be paying ourselves a salary.

@Brandon ElliottIt does not make sense to get 12% and pay 10% as you will lose money after taxes….To answer the question about private lending - most do it because they are tired landlords and not necessarily due to funds they have but wanting to be more passiveI would want $250k as many of the lower dollar loans are very risky

It would be rental property to my parents and I would pay a 60% market rental rate and I would also pay the loan.

When the lease comes up for renewal, fix it then; but honestly a good tenant shouldn't care what it says and pay on the 1st.

Hey folks, any suggestions on the best way to get rental comps for an area?  

Because of language in a "homemade" lease the landlord had to pay back all the rent they have received over the entire tenancy.

A little background - I'm a nurse and have been hoping to find a market that pays decent when compared to the cost of living and also has high prospects for growth.

Please correct me if anything I say about my plan is wrong and I'm willing to learn/listen to more advices here.I'm currently living in PA will be paying off my house this year (only $20,000 left).