In these cases you’re going to be sued personally as well as the LLC’s as you will have been involved personally in events leading up to the loss. 

The choice to move it into an LLC is about separating yourself from the asset so in theory, if anything happens at the rental, the person can only go after the house in a lawsuit rather than your personal assets.

While that can be learned, one may argue, the point is about some people having the edge which an entirely W2 person do not have. 8.

🏠PradeepHi Pradeep, I personally love Columbus Ohio and as someone who works with a lot of out of state investors - there's so many catalysts for why you should invest here.

I'm personally in property management and never heard of nor handled any property like this post move out.

This made me rethink some things and I’ve spent all day taking action on this persons initial analysis.

I do think the contractor who came in person seems like a trustworthy guy but it’s the first time I met him.Lastly, should I be the one to provide a contractor agreement for them to sign before getting this work done?

That seems a gross oversimplification that can result in bad returns.I've personally invested in some low cost markets that gave me great cash flow and above average appreciation.

Things are tight with day care, mortgage for personal home, and kid #2 on the way.

Condo HOAs can have personalities to manage but can keep the property in better condition and can cover some expenses.