Forming a LLC in illinois

[Brian Schroeder]

I am buying my first rental property. I have no dept and my net worth is about 150K, and I would like to keep it that way. Questions are 1. Do I open an LLC to protect my personal assets? If something should happen I don't mind losing my LLC investment, but I would hate to lose my Net worth as well. If I open a LCC would it be a asset holding LLC, or a LLC rental management co, Or both a LLC holding co, and another LLC to manage? The other option, do I just buy a lot of, and a good insurance policy? Thanks to all in advance. I am glad I found this sight. Brian