New Member from Colleyville, TX

[Mark Hohertz]

Hello everyone, I'm a college student who wants to become an investor. I believe that rental properties could become a major part of my portfolio as I develop it over my lifetime. I've done some research and I like the potential returns that having a rental property can bring, but unfortunately getting one can take some "BiggerPockets" (forgive me for that one, ha). I know that getting in early is important for growing my wealth long term, so to the community I ask; how can I make the money I have now work for me in this profitable business? I have tried partnership with my dad, but he seems to have cold feet (he is late 50s, thinking about retirement, never had an investment property, understandably skittish with the risk at this point in his life). He believes that to avoid possible lawsuits that would "clean him out," we would have to create an LLC before we (specifically him and his assets) would be adequately protected. Is this true? I was under the impression that we would be able to screen out bad tenants and be able to protect ourselves in the lease. I suggested we talk to a real estate attorney to talk about what protections we could give to ourselves, but he remained steadfast in his ideas. If he is wrong, what could I say that might make him reconsider? Thank you for your help!