Also who wants to stay in court all year with lawsuit while you could be making money? 

Anything owned by the LLC is on the table in a lawsuit.

And insurance Is not about repairs .... its about rebuilding when the building burns down, or paying the lawsuit when you are sued, etc  in any game i think its best to control the risks you can - so insurance covers some of your down side risk at a very small price.  

The bottom line is a lawsuit judgment is only worth what you can actually collect. 

The proof really comes down to if the manner in which you have operated your LLC withstands a lawsuit. 

Hi all! I'm a beginner in the Chicago area and I'm just learning the ropes around REI before purchasing my first rental property. I've seen a lot of properties that have finished basements that could be rented out for...

We do have insurance, we do have an umbrella policy, and we do hire professional property management companies, so do not worry about tenant lawsuits.     

When the property is sold one typically cannot amend the lawsuit to New Owner vs Current tenant. 

As I start to buy more homes, how can I help protect myself and my family from various lawsuits?  

Reading about SF condo conversion laws it seems like condo conversion is not possible while there is a tenant in the building:  " ... note that as of July 2017, the City is not accepting ECP applications from buildings with renters because of a recently-filed lawsuit challenging the constitutionality of the lifetime lease requirement"Also buying out a protected tenant taints the property and it cannot be condo converted afterwards.