All generalities of course because it depends on your situation. 

I find having a general policy on requests from tenants is best, that way you can apply it without getting caught up in the issues it may present or the need to ”think about it.”

@Eric Hassfurther What is right for me is not necessarily right for you, but since you asked what MY criteria is:- 10% cash on cash return- $300/mo cashflow after all expenses- must be B- neighborhood or better (I don't have a specific IRR requirement, but a B neighborhood should at least keep up with average appreciation in the area)In order to hit these numbers in DFW right now, you need to be willing to hustle to find good deals, and generally the good deals need a lot of work to get them rent-ready. 

When you come across your first deal, post some general information here on the forum for feedback, etc.

I've been looking on line and see a lot of Pool waivers, or specific activity waivers but not a general waiver for a river situation. 

We generally get 20-year money at around 5% I would be interested in talking to your broker, that can offer 30-year money to an LLCBased on the cash flow I would hold it, let it season and then sell it, turnkey.

Part of it could be generally lower cost of doing business in my state. 

I can do or have connections in Pluming, electrical, drywall, paint, etc. ( Jack of all master of none) as I worked for my uncle a top general contractor in the city of Glendora, and I have experience.

(Which never stopped any non-attorney investor from chiming in.)But I have heard numerous attorneys debate this issue to death, and I only learned one thing: two attorneys will NEVER agree on liability protection in general and on effectiveness of LLCs in particular.

@Mike Jordan I was using general terms.