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LLC (if managed correctly) protects your personal assets from liabilities related to rental but it complicates mortgage, insurance etc, and adds in additional management overhead. As others said, umbrella insurance could be a good alternative to increase coverage, but understand that it’s not exactly the same. You may still want to get an umbrella even if you go with LLC route. Best to consult with an RE attorney who can evaluate risk profile and provide you the right guidance.
Thank you, very helpful.
Coach
Create an llc
If you don’t create an llc there’s another option which involves buying a shitload of liability insurance
Speak to an attorney for a real answer because I’m dry k
What kind of attorney should we talk to ?
A real estate attorney in your local area - or real estate tax advisor might be better since you are new & likely will need tax advice next. A lot of real estate investors I work with use Anderson Advisors, but I haven’t personally used them. https://andersonadvisors.com/real-estate-asset-protection-workshop-training/
Subject Expert
LLC advantages likely aren’t there for a single property. And a “shitload of insurance” aka an umbrella policy may only be a few hundred bucks per year.
Thank you.