He thought he just had a liability policy but he has a decent full landlord policy in place.

Aren't unpaid taxes considered a liability for an investor?

We got the property under contract 4/14 (the day after it was listed), and were set to close 5/14.We were really excited that our mortgage company told me the asking price is under the FHA limit for a triplex. 

It's just a debt liability in the bank's eyes and they'll look at your income and LTV ratioI forgot to mention that banks usually do need 3 month record of tenant income to count towards your income which may or may not affect your ability to qualify for a mortgage depending on your income.

This includes the vast majority of residential landlords who own their rental property as sole proprietors (who individually own their properties), limited liability companies (LLCs), and partnerships.

Liability issues aside the end results may not be fixable.

The months for building are limited.

I have two questions.1)  How do I maintain limited liability on rentals if they are in my personal name?  

It may limit you on you choices of where of the type of place you want to live depending on the market.Sfh and townhomes also give you a great opportunity to learn to be a landlord without having tenants knocking on you door.

., it is not your career), the federal government places a limitation on how much of your passive loss from an investment on something such as real estate can be deducted against your ordinary income.