Here's a list of what we ask for in our LOIs and contracts:Operating financial statements for the property, including income statements, expense statements, capital expenditures, for the last two years of operation and year-to-date financial statements for 2020.Prior two (2) years tax returns and addendums for the Property.Current tenant leases, tenant correspondence, tenant credit information, tenant security deposit register, and delinquency report.Onsite staff payroll records to include salary, bonuses, payroll taxes, benefits, etc.Monthly owner statements and rent rolls for the past 12 months.Contracts, service agreements, and files pertaining to the property.List of maintenance all maintenance requests (complete and incomplete) for the last two years of operations.Real estate tax billings and assessments and other correspondence pertaining to real estate tax calculations at the property.Copy of Insurance Policy and claims documentation (loss runs).List of capital improvements and any and all necessary related documentation and warranties.All existing warranties and guarantees from architects, contractors, and material and equipment suppliers, all of which would be assigned to Purchase.Any existing environmental Phase I/II reports, engineering reports, soil, mold, radon, asbestos, hazardous substance, termite, or other tests, studies, or reports.Any existing appraisals.Itemized inventory of all personal property.Twelve (12) months of utility, water and sewer bills.Twelve (12) months of bank statements.Verification of additional income from operations including but not limited to application, pet, late, and other fees, etc.Copies of title policies, title reports, land surveys, site plans, deeds, or any architectural plans for the property.History of or pending litigation against the Property, its owners, or its managers related to the Property or the operation thereof.Such additional information, documentation, or access as Purchaser shall require

That protects everyone involved.

When you have 50 unitsWhen you think you need more than simple insurance to protect free and clear personal assets.

Depending on size, you may be required to, typically with large scale, multimillion dollar assets.For smaller assets, i.e. single family, duplex, fourplex, you get liability protection. 

It is ESPECIALLY important in this townhome that's built on a crawlspace because it has a $15K encapsulation system underneath the building that protects the crawlspace and most importantly pumps water out because it's in a weird almost flood zone type of area... only gets bad when it rains heavy, and boy does it rain heavy here.   

Plus, you'll have some asset protection on the rental just because of the mortgage note.

Has anyone dealt with this type of issue that can give me guidance that will legally protect me?

As long as you can draw a line of the "reasonable use" of the structure for the disability (this includes CARETAKERS, so now the caretaker could be living in the shed), then you are federally protected by this law, and the federal government will come to your aid if the city "abuses" or "discriminates" against you. 

This is important because you need protection against tenants that do not pay rent.

What are the best practices and methods to protect yourself as a landlord?