Shame on you in most instances because you didn’t properly coordinateIf it was under architect they are typically responsible for coordination of ALL work.

If it is an outside liability claim (like someone suing you because your son killed someone with your car in a crash), if the LLC is set up in a proper jurisdiction with charging order as sole remedy (or your LLC is owned by a holding LLC in such jurisdiction), then the plaintiff would not be able to reach into the LLC asset.You can combine both by having the property owned by a land trust where the beneficial owner is an LLC.Using asset protection structures can be very efficient in protecting your assets from catastrophic lawsuit by limiting the risk to only part of it.

Such as a proper system to get a credit report on the potential tenant, how much to charge for the application fee, and how to make sure I have the right person moving into the condo.

I've seen stuff in the $2000 to $5000 range but you're taking a big risk if you don't get things set up properly.)Before you search for an attorney that specializes in drafting these documents (and spending the money that entails), you should have a clear idea of what your business plan will be.

But there are still many others who need help with online marketing, building a proper website, things that the younger generation is a bit more experienced in.

The challenge for those has always been the difficulty in doing proper due diligence for these properties so you almost have to calculate the extra risk for surprises when evaluating I think.

Even if you start with just a few bucks in your reserve account, if you have bought properly in a good STR market, you should be able to save a good amount in cash reserves within your first few months of your STR being open.We haven't seen much of a softening in prices in my markets yet.

They had decided to deduct from their rent two months prior to closing because apparently the owner took too long (48 hours) to fix the water heater which was not properly heating.

For that to work, you would have to get the proper types of insurance and separate your business banking transactions from your personal banking transactions, at the very least.Also, when you fix a property to either flip or rent, the costs of fixing the property are generally capitalized and depreciated over many years. 

As you said there's no right answer, but I choose to aim for long term wealth over being debt free (as long as you manage any leverage you utilize properly!)