@Dennis Johnson In addition to the great advice from @Gino Barbaro, @Chris Tracy, and @Brad Sumrok, I'd say ask for references of the mentor/coach students.

Additionally, this is for liability only, no coverage for the rental itself. 

Just seems dangerous with fair housing laws, as really all I can tell from your photo is what race you are.The only time I'd consider a family vs non-family is if the other offer was similar but from some out of state investor group or something, and even then it would be the weight of a single hair on those balance scales. 

The lender will lend off the purchase price and you'll need additional down money.

If you want to at the end of the game you can pay the tax just off the additional profit you've made from the tax.  

FYI for an appraised $500k property, you'd be looking at an additional $10k in tax over and above normal property taxes. 

Additionally, what if I or a contractor had an accident and received bodily injury, would we be covered under the homeowners insurance policy?

@Dan Goodwin if your LLC will only be working on properties you own, not much of a need to buy a separate business policy for the LLC.If your LLC will be doing work/management for others, then you need to looking into additional insurance coverage.

I deal with more protection for my business since I'm a contractor but this seems a bit overkill.Carrier: ScottsdaleSix-Month Premium: $1179.5625% minimum earned premiumCoverages & Limits:Commercial Property: $125,000 Building Limit – Special Form excluding theft; $2,500 deductible; Replacement Cost Coverage; 80% CoinsuranceCommercial General Liability:$1,000,000 each occurrence; $2,000,000 aggregate limitProducts-Completed Operations Excluded; Designated Premises/Project Limitation included.Conditions: All subs must carry equal or greater limits of liability naming insured as Additional Insured, hold harmless contract in favor of insured, with Certificates of Insurance.Thank you in advance for your consideration.

He's refused to pay the $25 key replacement fee because he says the new keys don't work (we tested them, and because of whatever was done to the door, you really have to play with them to make them work).Anyway, it seems like they're not going to take the notice seriously and they are certainly not going to pay for the door (I was going to let them just replace the window section, but not now that there is additional damage).