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Great points raised by many in this thread. If you do not already have an umbrella policy, I highly suggest acquiring one. Also, if you do not have a lawyer, I would identify the individual and have him/her at the ready in the event you need legal services.
Being a landlord can be extremely rewarding; however, it can be very challenging. After several years of owning rental properties we recently liquidated our entire portfolio. It got to a point where the effort outstripped the value. YMMV. Anyhow, good luck and keep us posted on how it goes.
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