Getting started in KC rentals - LLC w/Mortgage, etc

[Neil Sickendick]

Hi all,

I'm new to this arena, but have been researching and building knowledge for a while.  I have a few questions/thoughts, which I think may be best directed to our specific region.

1) To LLC or not to LLC, that is the question:

I've obviously read the 1,000 threads on this topic already. I get the benefits of placing a property in the LLC, no need to rehash. The question is - what are people here actually doing?  Like most, I need to do a mortgage on this first property - the bank won't put a mortgage in the name of an LLC.  Certainly, many others have faced this problem so, what did you do?  I'm leaning towards just an umbrella policy, but one thing I would like is to have my tenant cut a check to someone other than me (a business name, for example).  Can I establish an LLC and have the tenant cut a check to it, even if I keep the property listed in my name etc, or is there a better way?

2) Where did you obtain the rental agreement that you use with tenants?  Is there a need to go to a lawyer to get this done?  It seems like one of those things that, essentially, should be somewhat universal.  But, I want to make sure that what I use provides the best possible protections.

3) recommendations on knowledgeable and (relatively affordable) lawyers/CPA's etc in the area that would  be able to discuss this with me fully.

That is all.

Thanks in advance for any direction