Hi,Looking to see if anyone has had experience with this.I recently purchased a 2 family home back in Sept in Long Island NY.  Now that the cold weather has hit I've come to find out the heating system was done as a h...

If you get lucky you may be dealing with a hobby landlord or simply negligent landlord that has not keep his rents at market.

I see the absence as voluntary negligence :sigh:

Yes, I realize that a decent tort attorney is going to be able to pierce your LLC and get to your personal assets in the event of some egregious negligence on your part related to these properties, but there is still a modicum of protection afforded to you with them in an LLC that is not afforded to you when they are titled to you as an individual.My other suggestion would be to talk to a CPA and a decent Business Attorney or Estate Planning Attorney (or both Attorney's) and determine based on your overall individual picture which is the very best way to hold your REI portfolio moving forward. 

Let's say the investor is sued by a tenant and found grossly negligent in the lawsuit.

Not sure the realities or risks but I know it happens  Oh, I'm sure it does happen, wait until someone crashes or someone dies because they couldn't get mom to a hospital, see how negligent homicide or reckless endangerment stacks up to an unlawful repo or bill collection tactic. 

I also doubt any court would find you negligent as a property owner for any incident with a police dog under the control of the handler, and the handler is always controlling the animal, even if he leaves the dog inside and runs to the store. :) 

We're also planning on electing sewage backup coverage at $2,500.We've also been told that tenants should be required to purchase renter's insurance, because any damage to the property caused by their negligence would not be covered under our policy.

That's really the question.If the buyer does have a system for inspection, title research or other due diligence and leaves this up to wholesaler/intermediary, then you ought yo oasis until you are comfortable with putting am process in place.The wholesaler is negligent in being clear, IMHO.

In fact, I'd argue if it wasn't for certain hard to fill jobs receiving outsize increases in wages that overall wage growth would be negligible if not going down.