As far as your other Q's:- Not a lawyer, but I'd work on being a good landlord (fixing all health and safety items), having a good liability policy, using leverage, and having good umbrella insurance before getting an LLC (they can be expensive)...

There is no easy, or less than painful escape in these times.

The issue with a small MF:-You miss out on the efficiencies of a large MF-Financing is personally guaranteed and terms are the worst if the loan is under $1mm (typically 20-25 year am, for 5 years at interest rates 100-200 bps above agency)-Have the pain with dealing with a lot of tenants-Usually less professional property management companiesI would say the biggest advantage would be that it does provide experience, which helps with obtaining loans and attracting investors.

My first rental seemed to be a bit of a pain to finance, 25% down, 6 months of savings for both the rental AND my main residence, there has to be a better way!  

My question is would You as the landlord be held responsible if the water cause health problems to your tenants.

It wasn't clear if there's old wallpaper, if so that's going to be a pain to remove.

I think if all else fails and I can't amend the situation before I close on the property, I may try this after assessing the tenant's financial health and making a judgement call based on our interactions whether they would be reasonable about that.

A piece of land I am in the process of purchasing for a very good price has a mass health Lien on it.

I want to feel pain and sorrow and and panic to be in sink with my fellow Americans,but I look at the numbers: percentage who have it, percentage that survived and I can bring myself to feel like that.

What mental health professional would prescribe a zoo as emotional support animals.