Your biggest exposure is legal fees to defend yourself, not judgments, and having an LLC won't eliminate the need to defend yourself should the occasion arise (and if you get bigger, the need will arise, trust me).There may be some value in LLCs if you have substantial assets and are concerned about the exposure to those assets resulting from personal negligence.

Do not sign a sales contract or loan documents that are blank or that contain information which is not true. 3.

You'll thank me later.Replace outdated light fixturesTake care of all obvious repair or maintenance issues.Upgrade electrical panel if necessary--I don't mess around with electricity.Service the HVAC systemIf a house has only central heat but not AC, I install a new system.I have a plumber go through the house thoroughly to make sure everything is in good condition; if it isn't, he fixes it.There's more, I'm sure, but I'm blanking out.  

Its been said on multiple occasions on this site but, as far as investments are concerned, a primary residence isn't likely to perform as well as another class of property, best to go into any project with your eyes open.

My family had used the general contractor in their homes on many occasions, so before I even called him I could see the type of work that he's done.

I have thought about this on a couple of occasions but the long holding period compared to SFH flips + my lack of expertise in managing rentals has put me off.

@Arjay Vergara - It will be challenging to fill in all of the blanks without knowing what lenders in your area offer as far as LTV, cost, etc.

I'd want to get all this info printed, with blank spaces & checkboxes, on little cards maybe 3x5 sized, and hand them out after shaking hands and introductions.

is to have a comprehensive operating agreement drafted, with some blanks for names and numbers, and let your 'investors' review that.

But on occasion I come across a wonderful agent or broker and so we can work together.