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Subject Expert
I’m a corporate lawyer but have worked with some real estate ventures. I think most people would suggest using an LLC and having an operating agreement drafted that lays out your agreement and rights as co-owners. Some states require an operating agreement anyway, but it would be extra helpful for you as an unmarried couple because you could flesh out things like separation and decision making. Liability protection is the main benefit but as co-owners an LLC is also a great way to structure your arrangement.
Subject Expert
Talk to a lawyer about liability protection. Use Quickbooks to track expenses.
Absolutely get an llc and get as much insurance as you can. If you get sued they won’t come after you if there’s another pocket of money.
If you don’t get an llc, then if you get sued, they can come after all of your assets
Umbrella insurance and LLC.
This page covers it pretty well. Umbrella insurance will cover you for most large expenses. LLCs will save you from total destitution.
I have umbrella $2m policy for ~$500/year.
https://www.apartments.com/rental-manager/resources/article/umbrella-insurance-vs.-llc-the-best-option-for-your-rental
Where did you get your umbrella policy that inexpensively?