We got the house! Now what..?

[Steven LaLonde]

Hi everyone,

After 4+ months of waiting, my cash offer on an investment property short sale in upstate NY was accepted!  Very excited about this and looking forward to the closing this month.

My question is really around fully protecting myself during this process, the reason-being, we're buying this short sale all-cash and the cash comprises the vast majority of my savings and liquidity.  It would be devastating to lose all or a large chunk of this.

What are the "must-do" things now to make sure we are:

-- Insured (fire etc) from the minute we take ownership?

-- Protected from any other issues that could risk losing this $

-- LLC (I'm told that's a must-do now, to get the LLC created and buy the house under the LLC)

Any help appreciated - thanks!