we filled a lawsuit against them to get our money back - they lied about pretty much everything and created 2 funds with the same name.

But out our way the ONLY time your engaging an attorney is if your in a lawsuit or your buying very expensive 8 figure complicated projects.. if its just rentals no need.. not that complicated .. 

Then once all that was done: I continually told him what to do, only bc I felt bad for him, because he was opening himself up to law suits and loss of profit.

LLCs by themselves do not protect the individual from law suits.

If you fail to follow the rules, you may open your personal assets to a lawsuit.

Lawsuits can come from anywhere.

You would need the occupancy inspection certificate in order to avoid potential lawsuits from tenants as well.

In a lawsuit with my LLC, the "limited liability" is put aside and my personal assets are sought since I commingled personal and business accounts.

@Mariah Porter I've lived through some pretty serious basement flooding issues on one of my own rentals, so I definitely feel your pain--it's not a fun situation.My natural reaction was also to wonder about the seller's disclosures, and whether I could bring a lawsuit against the sellers, but I pretty quickly realized this wasn't feasible or advisable (in my situation, it would have been almost impossible to prove the sellers were negligent or withholding a disclosure, and the legal fees would have been steep). ...but, I'm not a lawyer, so it may be worth asking a lawyer anyway...I think your first priority here is to figure out what's causing the flooding, and fix that issue as soon as possible.Most houses have a drain at the lowest part of the slab that's intended to collect water in event of a flood (for instance, if a broken pipe caused a flood)--I assume that that's what this pipe is? 

Hi Matt, I have applied and thankfully recieved license for both my primary (which has an in law suite that I use for STR) and also another full home that i use for STR.