Generally though, I break it down into the "five pillars" of protecting your assets.The first pillar is avoiding unnecessary and risky activities (don't drink and drive, insurance generally won’t cover your poor decisions) and take good care of your investments(maintain your property, etc) - these simple steps will help you prevent lawsuits before they even occur.

Hey Seyi, to start with, I wouldn't use a WY LLC simply because they're more expensive to maintain than others, but then a trust would work well WITH any LLC. 

The activities of wife with respect to the rental properties included, among other things, cleaning common areas, collecting coins from washing machines, performing repairs at the properties, communicating with tenants, collecting and depositing rent, maintaining insurance policies, purchasing materials for the properties, as needed, paying bills and keeping books and records for tax accounting purposes.

Easy money and they are paying you to maintain your property. 

If you are unable to make the loan payments or the value of the rental property decreases, you could potentially lose your home.Another risk to consider is that, as a landlord, you are responsible for maintaining the property and handling any issues that may arise, such as repairs or tenant disputes.

Just make sure the property has been properly maintained over time and nothing major has been deferred for the new owner to deal with. 

This is why inspections are completed to keep landlords honest and not to abuse the system ( fix or maintain nothing and keep cashing checks ).

Restoring old hardware, sanding down and restaining or painting old doors, and maintaining a slate roof are all "surgical" restoration activities.

My houses are cleaner, fresher & better maintained than the competition, which effectively makes *every* AVM inaccurate, they're always too low.

She is also in charge of maintaining all of our lists, i.e. buyers lists and lead generation lists.