For reasons cited above, renting out an illegal (without city approval) unit in the basement with physical limitations, such as poor fire egress, is a fast way to the poor house, when you lose the property to fire, or the jail, if someone is injured or dies. 

The safeguards and limits exists because it is THEIR money you have in your custody.

I limited only by zip code and available mailing address for owners. 

The money partner is either a lender or a limited partners.

If you only invest where you physically live, you are limiting yourself significantly.

Obviously, the issue there is that my options are a lot more limited given the cost of buying in/near the city, but I know it's doable.

One of our mentors explained that all the LLC will do is limit what you have exposed. 

@Lionel Mosby JrThis has been discussed several times before somewhat recently, but I can't find the threads right now..First, most I believe use LLC's for the limited liability. 

You start with a small limit (sometimes as little as $300) and provide a deposit, but as you use it and pay it back, they will report to the credit bureaus to help boost your score. 

We will work together to overcome limiting mind sets, create long & short term goals and actionsteps to achieve them, create a vivid vision of what we want our lives to look like and become, we will be able to encourage and hold one another accountable as we embark on our new business ventures.