LLC or no LLC that is the question

[Crystal Perez]

Hello!

I have been looking into investing andI do have some questions. I would love to take advantage of some 1st time homebuyer opportunities, however, being this is intended to be an investment property I am under the impression this isn't possible.

I do also understand It is suggested I obtain a different LLC for every property I own. Is this correct?
Would insurance be able to cover an lawsuits if they were to occur?

Also is it possible to originally buy the home under myself personally then quitclaim deed it to an LLC later on to obtain these 1st time homebuyer credits?

Please et me know. I want to go about things the correct way.

Thank You!

[Ben Leybovich]

One - LLC doesn't protect against negligence or fraudulent activity.

Two - you specifically need an LLC if you've got something to lose. If you don't, what the hell are they going to take :)

Three - you cannot quitclaim without triggering acceleration and DOS, for which you need written permission to ensure you are not stuck.

Finally - owner-occupied paper, but definition, can only be written to human beings, of which an LLC is not one.

Therefore, if you want an LLC, and you cannot get 30-year residential paper for it, all you've got is commercial. So - chose, either liability protection, or cheaper mortgage debt service :)