Believe me I do plan to be very careful should I implement these strategies. 

Series LLC for Texas assets is an option.We can implement other tools to provide anonymity even for LLCs.

We implemented a very large dose of each of these books. 

I will make sure I implement all those different strategies! 

I have over 10 years of experience making mistakes, developing solutions, and implementing preventative measures to ensure these risks are minimized.The more experience I gain, the more I see that one of the most essential components of real estate investing is risk management, but also property management, people management, market research, investment analysis are also essential (not in order of priority).Some specifics:My tenants (customers) are new families with 1-3 children. 

I have tenants complaining that the previous owner said "no pets" but the people upstairs have pets etc....Here's what I have implemented considering all tenants are under the previous owner's lease. 

If his income fluctuates (which is pretty common for most of the self employed folks I know) or the building implements special assessments (most do at some point), your friend could really find himself in an even tougher spot.I'm sure his 3mm apartment is pretty nice, but it's really costing him too much based on his current income.

So, learn about that first - and a good point to start is a Nolo Every-Landlords-Property-Protection-Guide book (https://www.amazon.com/Every-Landlords-Property-Protection-Guide/dp/1413307000/)  it will explain about insurance, how to evaluate insurance, and then about property management, property code, proper leasing and all the way to LLC and hiring.But sooner or later, once the equity in the properties passes your risk threshold, you'll have to implement additional asset protection (LLC).

Make a plan, then decide how you will implement your plan.

However, the regulations in the area for vacation rentals seem stringent and prohibitive to operating a full time Airbnb.