Will depend on several factors like the type of property, type of tenants, your risk tolerance, other assets you own, your estate planning, laws where the property is located, etc.Any lawsuits would be limited to the assets of the LLC and not your personal assets (assuming you run the LLC appropriately and the corporate veil is not pierced).

I assume I need to run the numbers for my area on multi families to see if that 15k would even touch a down payment amount suitable for a reasonable starting complex.

His lease-option idea is a common way to run Single Family properties and many times people will not take the option. 

Can you give us a run down on what you thought about it?

The problem you will run into is that since once its on the internet, it is there forever, future buyers can see those pictures and if they find them and ask if you had it remediated and your response is "Umm, ya I killed it with bleach" they are gunna walk.

DFW, mostly Dallas.When I run our numbers, I usually look for an 8-10% return with some form of "kicker". 

That's only true if the owner is running a scam.

Some run the numbers monthly, others just once a year when it's time to file taxes.I've built quite a few custom Excel spreadsheets but I find it somewhat challenging to translate the numbers into compelling visuals.

You have to expect holding and transaction costs that typically run in the ball park of 10% of the gross project value.  

After running some numbers I think the property would cash flow around $6K per year.