Could be via stocks recently sold or an asset.

Daniel - depends on where the property is located and what type of asset.

Once the contractor takes off with $$, there is almost no way to get it back unless they have other assets. 

Feel free to check out this resources on some different approaches to liability coverage depending on the size of your portfolio.The LLC will allows some separation from your assets and your own name.

I like the idea of hiring a property manager to help manage th portfolio as it builds equity... but I also like your idea of buying higher quality assets that require less cash flow.  

When you're done, you'll have a much more valuable asset, and you'll have been living "rent free" the whole time. 

The owner is talking about liability insurance.ALso....try to buy it or lease option or something...the owner is ok with you doing the work as you are improving THEIR asset. 

A slow steady build up of assets fits in well with my life and my goals.

Tons of local banks in Indy will fund 30K or even less on a single asset with commercial terms, 25 year am, 5 year balloon and similar.

Here's the categories I track by property:SuppliesUtilitiesMaintenanceCleaning HOAInsurance Mortgage (not applicable anymore)Cable-InternetPool ExpensesHere's what else I track for combined properties:AdvertisingTravelPromotionsOtherI also track assets for depreciation.