Insurance, asset protection, and Closing

[Antonio Chelala]

Hello investors,

Happy new year to everyone. I hope everyone is doing well!

I have a couple of questions that are not related to the same subject. I am a first-time home buyer, looking for investment properties for long-term rentals (buy and hold).

1- I have been reading a lot about protecting assets when it comes to lawsuits and legal matters. I am a bit confused about the what to do. So I have read that some people build an LLC for each individual property owned under a trust. Some others just use an umbrella policy because it covers them in a better way (legality) than LLCs, some others choose to have both LLC and an Umbrella policy. My question to you investors, is what are you doing ? part of my question is from https://www.themoneycommando.c...

2- I have read in the Rental Property Investing book by Brandon Turner that during the Due Diligence of a property the buyer should be checking for Seller Disclosures, Seller Tax returns, asbestos, lead-based paint, plumbing issues etc.. For the disclosures and tax returns, can the lawyer that would be helping me with putting the property under contract help me out with this? and for the asbestos and the lead-based paint, plumbing problems, do you guys get a contractor, inspector or what type of person?

Thanks a lot

Best,

Antonio