Does anyone know if it would be possible to put the primary residence into an LLC after we close to protect the other assets, or will an umbrella policy be enough?

Put a clause in your lease that says 'no satellite dishes without the landlord's WRITTEN permission' and be sure to tell each tenant about the policy at move-in.

The day of reckoning will come eventually and we will be FORCED to adjust our spending policies.

Research your state laws as to whether you might be able to press criminal charges.Here in NC I can for certain intentional damage.And while the only time I have collected money in a civil action is when I have lease guarantors, I still make it a policy to take all sinners to small claims court.Costs me $75 and my time, but my satisfaction is knowing that no decent LL who checks their record will rent to them going forward.

Policy is certainly bad, but I don't think we are headed for Weimer Republic by any stretch.

A verification of employment together with a criminal check on my own at the clerk of court was all I used and had very little problems.As to charging a tenant for repairs, can be illegal so check with your state, it's a bad policy anyway since a judge will frown on such tactics...why?

I thought some of you may enjoy this:Animated Take On The Federal ReserveWhat is sad is that Fed policy is funny now...good times!

Vote for Obama, who I thought might have a shot at keeping his campaign promise of repealing the Patriot Act (not surprisingly, he didn't).In the end, I did what I thought was best -- I voted for Ron Paul.And for those who think I'm a liberal, let me clarify that socially I'm very much a liberal, but when it comes to fiscal policy and Constitutional rights, I'm very much a conservative.I see very little difference between the two parties when it comes to fiscal policy (sure, the rhetoric is different, but in the end, both parties are filled with crooks looking to steal as much as they can from the people), so my vote now comes down to whether I'm more concerned about certain specific social policies (in which case I vote for the candidate that most supports those policies) or whether I'm more concerned about Constitutional Rights (in which case I vote for the candidate that most supports those rights).Up until 10 years ago, I was more concerned about social policies than I was about Constitutional Rights, so my vote reflected that.

In addition, as your portfolio grows I would suggest getting at least a $1MM liability insurance policy on your properties that are held in business entities. ($100k of liability insurance is almost meaningless)

While I do think some regulatory policies are good (even more in banking, lol) I also like to look for the exceptions and ways to move through the road blocks in a legal manner.