LLC or not - specific situation

[Jason Vandermark]

I've been reading relentlessly on here about this topic, but I'm hoping someone can give me some advice before consulting an attorney. This would be our first rental.

Purchasing a rental property with someone who has decent net worth. We were looking in to a LLC for personal asset protecting for them. They don't want to have the income pass to them through the LLC so can we create a single member LLC and have both listed on the mortgage?

Are we better off putting the title in my name with both on the mortgage and have a good umbrella policy for myself?

Would it matter either way if both names are on the mortgage?