Asked by Jd Smith, Fairborn, OH • Fri Sep 26, 2008
We are looking at the possibility of leasing/renting our house so we can purchase another. Ultimately we'd like to have a lease to buy, so after a year we aren't landlords anymore. In terms of keeping any personal assets out of the mix, is it best to setup an LLC or something of the sort? Since we aren't looking to do this long term, are there insurance options avaiable that will cover us in the event something happens are we get sued?
Owning two houses in this market is gamble enough, the last thing we need is someone to wipe us out completely in the event something goes wrong.
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