The other is in the low 500s but stated that this is due to a car accident totaling her car and is in litigation, so she is not paying on the loan. 

I got into the MTR game a few years ago by accident after realizing ABB was more work than I wanted to put into it.

- what happens if you, or another tenant, accidently drinks the water and ends up sick?

It would be prudent to place outdoor cameras around the pool just to cover for yourself in case of accidents.

Then with the rest you update it, make sure the staff is tip top, and create more value to increase your monthly revenue.Questions would be; would the management company or key employees stay, any litigation currently, current controls in place for accidents/deaths(then check local guidelines on this), Red flags would be financials and tax returns not matching up, again the accountant should help with this, but definitely request it.

So having an equity cushion is more beneficial.You can absolutely do io and be fine but I'd be banking those cash reserves in case you need that down the line for a cash-in refinance, accidents at the property, or to shore up personal finances.

Not sure what the errors may have been on the deeds, but if you're unsure of the changes that you made, errors can create a bad chain of title, which could be horrific whenever you go to sell the property. 

I think there was someone who had a car accident and then they tried going after his RE.. https://www.biggerpockets.com/forums/926/topics/1151922-than...

Tyler Deveraux, Ryan Woolley, and their partners and sponsors they promote have gotten students and their families and friends into horrific situations with neglected properties and take no responsibility for it.

I would do this even if you have an LLC in case the really worst case scenario happens and you have a car accident that kills someone or you accidentally burn down someone's building.