Phyllis Crosby, Realtor/GRI
Re?Max Top Notch Associates
Tampa Bay, Florida
Like two others mentioned you should work with attorney/ lawyer/ accountant to make sure your assets and actual type of investments are covered with property protection.
You may need some insurance as well depending on the assets.
Possibly LLC has to be considered depending on whether there are other partners involved. It would best to work with legal professionals on these aspects.
Many will recommend that you create an LLC and move the property or properties into the LLC. You won't find lenders willing to lend to the LLC, so generally you have to purchase in your own name, then transfer ownership to the LLC. That still leaves you on the hook for the mortgage, but--properly done--insulates you from most liability.
There's some debate about whether you should have an LLC for each property, or only one LLC for all properties, or whether each LLC can hold multiple properties. Different lawyers and accountants will give you different advice on that question.
But you should protect yourself when buying investment property.
Hope that helps.