You just have to plan properly in your underwriting.

That said, you still need to go through the proper procedures to remove the tenant.

I personally find the Series LLC to be a great tool for the individual investor who is planning to expand their operation, as it allows for you to scale infinitely - check out this article to learn more.

Issue paperwork promptly and evict when necessary.It is your responsibility to properly train your tennats not allow them to train you.

I'm thinking something like electric not done properly and starts a fire, insurance won't pay??

proper use of this kind of credit can be just fine.. improper use can lead you to credit hell and BK 

As previously mentioned leverage adds risk but if you use it properly it also allows you to grow your cash flow which can increase your margin of safety. 

Thanks.My layman understanding (ie I'm not a lawyer and you should consult with one for any legal decision) is:If you transfer your property to your LLC, you need to get consideration for it (ie share, beneficial interest, etc...)Then you need to manage your LLC as a business separate from you (no commingling of asset, proper documentation of meeting, proper administrative chores, etc...) as failure to do so will probably pierce its veil of protection.Except for that, unless your transfer is reversed for other consideration (like fraudulent transfer to avoid an existing creditor), your LLC should provide you the inside and outside liability offered by the LLC in your State.

Would like to be financially at 43 and live on rents.What should I do to expand my portfolio so I can get out of my biz? 

The bank did not pay a broker properly and you get a lien.