Whether you're legally liable or not, I think you'd still run the risk of being sued and having to spend money to defend yourself.  

Perhaps a nice 1950's built bungalow.Always hire a 3rd party property inspector to give you an unbiased feel for the home.

I'm a little late to the party, but I'm wondering if it is a bad time to start investing?

There was a guy that did a post the other day who was 21 and already saved $100k.A lot of the times (this is not legal or insurance advice), but your assets can be adequately protected via proper insurance on the property which would included a liability policy, and then with an additional umbrella policy.Keep in mind, transferring a property from your personal name to an LLC could trigger the loan's due on sales close.

These records provide you a lot of info, and do not require the management company to give you opinions about the tenant that for legal reasons they would not want to give you.One last thing, they are a private company that, as far as I know, has no legal obligation to provide you with any info at all. 

Louis, and while it was a pain to get the checks switched to us, the tenant for the most part is pretty good.

(some experts have said to no do that since it leads to other legal issues.)I'm wondering what your experiences have been?

I am in need of some quick advice on the best way to approach this to protect both parties.

I think any of those should be okay but I am not giving legal or accounting advice.I don't see any reason you would need to have a separate LLC and anyone is okay with carrying a note.

I am interested to know which would be the better choice to avoid paying as much taxes and closing costs as legally possible.