Do I need to set up an LLC w/ operation agreement for just being a hard money lender?

[Lilly Fang]

The purpose of the LLC is to team up with other people with LLC to fund a project. My friend set up an LLC with an operation agreement, trust, limited partnership, and assets protection plan, which cost her $10,000 with a good law firm. She suggested me to do so as well. I would love to do this right, but the cost of all the setting up is too big for me, as a beginner. I have not even gotten into the hard money lender business yet. Can I just set up a Wyoming LLC for $199? If my business is growing or starting to own properties? I can re-structure my LLC to have more protection.

I do have two rentals that I managed myself and have 2 million umbrella insurance.