What is the best way to shield assets from foreclosure?

[Brett Chien]

I'm looking to start REI with a partner and was wondering what is the best way to shield assets from potential foreclosures? Are LLC's still the best way to go? I know that it's difficult to get a bank loan if it's a new business with no credit. If forming LLC:

1. How long would I have to season funds in the LLC bank account?

2. What are the fees like to purchase property as an individual and then transfer to the LLC?

3. Is it still recommended to form LLC in the home state (CA) vs foreign LLC to avoid the hassle of double LLC paperwork, fees, etc.?

I'm also aware of self-directed IRA, but the requirements for non-recourse loans really limits our options in terms of leverage. Not to mention the same withdrawal limitations apply and we'd like to be able to take out the funds when we need them. Thoughts, BP fam?