Just starting out - How do I limit my liability for a loss? LLC?

[Michael Stuck]

I am just starting out in the rehab game, and I was wondering what most people are doing as far as setting up an LLC or? Is there a good way to protect my current assets in the event of a bad investment? I have a nice home and I am looking to rehab a property without risking what I already have.

Also, when you buy a property that needs a month or 2 of work, what is the best way to do it without having to pay closing and mortgage payments before it is ready? I would like to pay minimally on the loan until the property is ready to rent (which I would assume I would then need to convert it to a mortgage) or ready to sell (can I leave it as a construction loan if I am selling)

I am located in St Charles, MO, if anyone has a good model plan they wouldnt mind sharing or tips or anything I would greatly appreciate it! I am ready to learn!