Umbrella Insurance for TN General Partnership

[Yosef Ajami]

Hi everyone,

I am a fairly new syndicator who has done a couple of deals so far.

I am new to the TN market and am in contract for a multifamily property. TN has a franchise and excise tax for LLC purchasing Real Estate. I have been told by my attorney that purchasing this property under a General Partnership will help me resolve that. The problem is that I am not protected in case something goes wrong. My attorney is saying that by getting a good insurance and an umbrella policy I should be just fine.

Does anyone have experience with such thing and can give me more guidance?