Brand new. Property Rental LLC? Financing? Partners? Lots of Questions

[Adrian Chapman]

Hi everyone. Really glad I found this site. I am NEW to the game and haven't quite taken the dive yet, but want to make the plunge soon. I have ready several books, been through the buying process along with friends a couple of times, and once myself before backing out for good reason.

My goal is to buy some single family homes as rental properties and start a property rental llc. I plan to start small. I would like to avoid using other peoples money as much as possible as that can be dicey, but I am open to hearing ideas.

What is the process for starting an LLC? Is it absolutely necessary to protect your assets should a tenant try to sue? Tax Benefits?

I have read much about having a good real estate attorney to ensure your transactions are legal, etc? Thoughts here? Cost?

I am sure this is an obvious question that everyone would like to know, but what is the best way to find REO properties before they hit the MLS?

I know I am going to have to dive in and just make some mistakes at some point, but I'd like to learn as much as possible before I go in. Thanks so much for all the help.