If your LLC is sued, you will be required to defend the LLC, your name will then become known, and the plaintiff's attorneys will amend the complaint to include you.

If you hold out a section of the home strictly for personal use that part will not count towards your 1031 reinvestment requirements. 

Might require prospective tenant to carry renters insurance.

Now there are instances where I recommend long term over short term rentals, it just depends on your expectations as an investor.

Here is the current list of cities:http://ritaohio.com/MunicipalitiesI am rather sure that the list has only been expanding over time.As a person/entity who earns rental income in any of these jurisdictions, you are required to file a return not only for the state, but also for RITA.

If you are out of state and trying to do a major rehab, unless you are in construction for your full time job then my recommendation is one of the following:1.

Depending on the deal's profitability, some will only require you to bring 10% + closing costs to the closing table.

For the guy who quit his job to help his mom....does his partner have the income required to meet your criteria to rent? 

What are some of the zip codes to stay out of and some that you all would absolutely recommend?

Workarounds:- Not all assumable mortgages with be at such a low LTV (loan to value) there are examples of properties that require 15-20-30% down.