This means you are still getting the same protection, but since the Land Trust is the owner of the property you don't have to mess with the foreign filing.In regards to Series LLCs and states that recognize them or not, the issue comes down to each specific state recognizing the "internal liability shield."

When it comes to leased systems, they're at best a wash and at worst a liability when it comes time to sell.

I guess what I’m saying is is the mold inspection letter going to draw the line in case of liability issues?

There's always liability involved, but again, I just don't see it costing $15k. 

The LLC offers several benefits. (1a) It separates the liability between you to your investment and (1b) vice versa from the investment to you. (2) It separates your partner's personal liability from the property. (3) It allows you to create an operating agreement that allows you to establish protocol for different situations (what happens if it loses money for too long and someone wants to pull out?)

What is keeping me from bypassing someone like Matt, getting my GC license and the $50k liability insurance and getting contractor pricing myself ?   

I thought the point of RD-PD was to build assets while avoiding liabilities? 

I think the coverages are $5000 in damages, 1 million in liability for $50 per month.

Assuming I owe 25% in an LLC that owns and operates a hotel, I take into account the value of the property (25% of my share worth) BUT do I also take into account liability which is the mortgage loan amount issued to the hotel as well (25% my share of loan amt)?

See https://www.ny.gov/services/start-limited-liability-company-llc .