You need to know enough though so that you don’t strike out or get hit with a fastball and end up injured on the bench. 

Tenant states that she got injured at work and out on work comp awaiting payments.

Imagine if someone gets sick or injured.  

They file the lawsuit, anyway, because they know you will pay money to settle through mediation to avoid your having to pay your own attorney up to $400,000 to prepare to go to a jury trial and then they know that even if the Plaintiff wins only $1.00 you will have to pat the Plaintiff's attorney and that could be another $400k.If you don't think this can happen to you, then you are 100% wrong because when a lawn mower's employee is injured even when working for another customer and that employee sues his boss then you had better be prepared with EPLI insurance because YOU WILL BE NAMED IN THE LAWSUIT and that means you will be sued and you will need to retain an attorney.

Liability claims (a person injured, permanently scarred, or killed on your property) are in the hundreds of thousands, and often exceed $1M in the case of a wrongful death.

A quick search shows actual offices for HUD, OSHA and the EPA in Dallas, so not that difficult for an irate tenant, prospective tenant, or injured handyman to initiate an expensive complaint...

He said, if someone were to get injured on one of my properties (hypothetically) and walked into his office wanting to sue me, he would most likely take that case based on the amount of houses I had and the assets to go after. 

That lawsuit is a claim for fraud, and that’s what fraud typically is...a misunderstanding and someone being “injured” and wanting to hold the other responsible for it.

I had an IRA owned house burn down a few years ago and thank god no one was injured. 

I can see, but it hurts my injured brain to read.