So your insurance will politely decline to pay for any damages....and worse than that, what about the person that was injured/killed......?

Yes they are a nice bonus, but you could find yourself on the end of a lawsuit due to a guest getting injured or even killed.

Golf carts kill and injure people.

Like any tool, you have to know how to use it correctly or you could get, "injured".We use it to quickly sift through multiple options - and that's about it.BP has a Rental Calculator that includeds everything you are asking about: mortgage P&I, property taqxes, home insurance and percentage for maintenance & vacancy.It also includes Cap-Ex percentage, but in our experience it's a waste of time to worry about this.

That will be a process.If I were the injured party, I would be reaching out to the owner, title company, seller, and /or the developer for compensation.If you are the current owner and renting out the space, you can not claim ignorance of the issue.  

If someone injures themselves and sues, they will sue the LLC, not you personally.

A serious accident with injured person requiring hospitalization can get to a million dollars in a month or two of medical care.Hence the efforts by asset protection specialists.For my part, I just use the LLC approach.

This will cost money to maintain, cost money to manage leasers, subject you to the will of tenants/leasers should they damage something, should someone get injured, your money will be gone (for now), subject you to the will of the market, interest rates, potential market volatilities.. you will need a lawyer at that amount for sure and a good CPA. 

If someone injures themselves and sues, they will sue the LLC and not you personally.

Some contractors are licensed but have no staff just them so they are exempt from work comp so if they injure themselves you could be on the hook.