I'm not promoting his products, but he once said: "Don't worry about asset protection until you have assets to protect."

Buy a 2 family in a transitional area you can afford without relying on tenant in other unit3.

And I would guess that a $1000 a month tenant can't afford to replace their belongings after a loss any better than a $325 a month tenant so renters insurance is a safeguard for either of them...so it might save the tenant in the long run if the landlord mandates a renters policy.

I cannot afford another loan from the bank.. with 20k is there any other creative financing that I can use to avoid the due on sale close... people with high equity is very very hard to find.. 2. also if i dont record the "Memorandum of Option with the county courthouse" than the bank cannot find out that i have an option becuase it is just a standard lease right?

The rent will be $1050 per month and I want to make sure they can afford it of course.

I don't' have any assets, two cars that I'm paying for, I bought another house in March of 2011 for way cheaper (this time if one of us gets laid off, we can afford the 750/mnth payment) How can they come after me other than a collection agency?

If you don't want to spend 2k a month and can afford another mortgage, there's really not much holding you back.

He consumes ALOT of Apple products (iTunes, movies, etc.)

My initial thought is to market it as a 500k property, you may lose most/all of the 440k leads anyway as they can't afford or don't want a half million dollar property.How much interest do you need "while the remodelling is taking place"?

With my current job I can afford to buy one maybe two rental properties each year.