@Misael Carlos VeraThe obvious things that apparently are not so obvious amongst all the silly LLC hype:1) Selecting relatively new well constructed properties2) Located in solid neighborhoods that attract reliable and conscientious tenants3) Put into place proven/reputable property management4) Aquire solid property liability insurance for your activities5) Finally, to cover outside external risk aquire umbrella insurance to address your own unique facts and circumstances.I have a little quote I've borrowed from history (WC - slightly modified) that describes LLC quite well:"Never has so much been spent by so many for so little."

I've not seen a dishwasher pan before,  but once tried to modify a 24" pan for an apartment washer to use under a dishwasher (marginal success).  

I would say that I subscribe to a modified version of his seven steps.  

A basic HI doesn't know framing and may not notice a modified truss in the attic for instance, but that is an important and costly repair.

YOU should be the one to determine your market and whether or not it is profitable to take that loan or modify the terms.

I am in the process of getting an REO under contract through Fannie Mae, and LAST MINUTE they sent me this bogus Real Estate Purchase Addendum that TOTALLY negates the terms in our agreed upon offer.....My agent is telling me its "standard" - but I am refusing to sign unless it can be modified in a way that doesn't contradict VERY IMPORTANT TERMS in our agreement.

Again, theirs no right or wrong mainly because if you’ve adopted a plan that’s not working u can modify your plan.

I guaranty you that a judge would rule that you modified the lease by accepting split payments in cash/check/whatever, and the fact that she is proactively seeking help from various organizations will count in her favor, not yours.

They are specific to Texas, but an attorney could modify them for your state.

Play around with the BP calculator - use a $1 million property - and study how the long term numbers change as you modify cash flow and appreciation.You need CF to stay in business, but wealth is created from appreciation and deleveraging your loans.