To manage my liability risk/exposure, I wanted to get your thoughts on my current plan:#1 Be a fantastic, responsive, and pro-active landlord (who keeps excellent records).#2 Conduct thorough and effective tenant screening.#3 Create a strong lease which clearly outlines the expectations and responsibilities for the tenant and the landlord.#3 Acquire plenty of insurance coverage and an additional umbrella liability coverage.Many thanks in advance for your thoughts and responses!

I've watched a few videos and he has some excellent guests and very good content:LINK

I definitely understand how it could be frustrating if you are making excellent suggestions (based on relevant experience) and another contractor ends up just using your ideas.

I have an excellent divorce attorney but I don't believe she is an expert in rental law.

I think the people that excel at it are builders themselves (like you) as they are already geared up and it's one less middle man.

You've gotten some excellent input from @Alexander Felice and @Rogers Smith from the business valuation piece, but in reality, you may not really have a business.  

Also I wanted to buy a motel because I've been wanting to buy a motel for a while, and I figured this was an excellent opportunity to get my feet wet.

@Lucas Hammer excellent question and now we're getting into the technicalities.As Ray stated above, the expense must be ordinary and necessary for your business in order to deduct it.

Kurt,We currently operate in a climate that will fetch excellent values for those looking to "cash out" in real estate.

Both paid on time and are/were excellent tenants.Since the accident just happened, I have not spoken to the family, I have texted with the room mate though to offer condolences and let him know we are here if he needs anything.My plan is to call my lawyer in the morning and get his advice on how to handle.