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|Many risks of landlords also exist for most other businesses, but other
risks are specific to only the rental business. This contributes to
making landlords the most sued category of business.
Accordingly, risk management should be at the top of every landlordís list of priorities. Every landlord should consider developing, regularly updating, and always utilizing a risk reduction plan to reduce liabilities associated with his/her properties.
This is not only because there is potential for a significant judgment payable to the tenant or a fine payable to the government, but also because the risk can extend to loss of the subject property and, if adequate asset protection procedures are not in place, to the loss of all of a landlordís assets.
Landlords must give thought to what could happen and proactively implement policies and procedures for protecting health, safety, and security of tenants and others so as to avoid reduce the risk of losses.
Methods of managing risk include avoiding, transferring, controlling, and retaining risks.
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|-||Basics of 1031 Exchanges|
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