If you're trying to save and pay down debts, house hacking is a great way to put some money to work, although I wouldn't recommend it if it meant you'd blow your entire emergency fund.  

I said tax collector, I meant tax assessor.

@Scott Kane Believe Greater Detroit is what you meant by Lower Peninsular of Michigan.  

However, you may elect to have the LLC taxed as a C or S corporation, it will then be treated as an entity separate from it's owner (in other words it will be treated as a regarded entity for Federal income tax purposes).

I recommend Landlords start looking into deposit alternatives because this will be a growing trend as elected officials with no risk and no experience start dictating what we do with our property.I've used Obligo and it's a decent option but can be very slow.

@Whitney Ortiz I believe what Steve meant was that property taxes are high in many parts of Florida so this cuts into cash flow for rentals but as long as you account for that when you run your numbers you'll be fine.

It was not meant for that.

@Shelby Willitts , what I meant is I m not sure that you need to set up an LLC domiciled in CA thus paying $800 in LLC fees per year.

I feel the need to add that the tenant’s size has no bearing here because the crack was not on the seat or the bowl at all, rather on the tank, which carries no weight other than the tank and water weight.Thus, when the pro that looked at it and stated that force or weight cracked it, he meant someone had to physically sit on the tank (I’ve personally never felt the need to do that ;)) or some kind of force was placed on it.If it was indeed the toilet bowl or the seat, that obviously is a completely different story and I wouldn’t even consider charging the tenant.

That said, I elected to move forward with the LLC for two reasons.