Advice on whether or not to become an LLC?

[Rochelle G.]

Hi all! Brand new into the real-estate investing world and could use some good advice. I currently own a 2 bd/2bath condo that I’m looking to rent out. Or should I say, I currently own a FHA MORTGAGE on a 2 bd/2bath condo. I’m looking to purchase my second property in hopes of renting my current place out. Would it be a good idea to pay to become my own LLC to cover myself in the event of a freak lawsuit from a disgruntled renter? Chances are slim to none, but I do have a decently sized 401k I’d hate to take chances with. Thank you in advance!