Neither Newbie Nor Pro Asset Protection Experience

[Trevor Finton]

I am very much an aspiring investor in Grand Rapids and West Michigan and am checking off my list of needs (CPA, PM, capital, lending etc) but one area that keeps tripping me up is asset protection (i.e. umbrella policy only vs LLC). I have personal assets I want to protect but don't want to have this all slow me down unduly. I'm leaning toward pursuing LLC formation (with advice of both attorney and CPA...and spouse) but am concerned about implications for lending.

I'm wondering if others could share their approach when starting out, particularly those that aren't (or weren't) outright pros (e.g. 4-15 doors), not necessarily working in real estate full-time and  seeking a modest passive income. What were your experiences both positive and potentially disastrous?