First Time Landlord ... Should I get an LLC?

[Jimmy Miguel]

Hi BP Family! My partner and I have done three flips int he past, but this is our first buy & hold. Would love to get some advice regarding LLC's.

My Partner and I recently bought a property in South Plainfield, New Jersey. 

The mortgage currently is in both of our names, so would the LLC protect us even if the mortgage is in both of our names? Could we keep the Mortgage in our name, but just get an umbrella policy under the LLC's name?

Essentially, should something happen at the house, we want to be sure that the tenants can't go after my partner and I personally.

Graciously,

Jimmy Miguel