@Sean Rogers If you are thinking about setting up LLC simply to protect your assets, then you can do that by getting an Umbrella Insurance (not Life Insurance).

She inherited a property, when the uncle died.  

@Steve Vaughan  the best part is when I bought it in 04  ( a peak earning year for me) the tax code allowed me to write off 90% of purchase price year one>>>  saved me about 150k in income tax I would have paid to uncle sam that year...

Many people do this, for example, buy helping aunts/uncles/family friends with retirement accounts from previous jobs set up a self-directed IRA which can then loan on the project (though see handsoffmyira.com for an important and immanent legislative threat to this funding model).I honestly feel like a lot of it does come down to the purchase price though.

If you make a buck you better pay Uncle Sam or bad things will happen.

Grandpa had no will, but did have a trust and trustees (my aunt and uncle) and they have signed and had notorized some paperwork that conveys the intent for me to receive ownership of the cabin. 

There is no guarantee that the building will turn market and should you want to evict a tenant, it can take up to a year under normal circumstances; with COVID, it looks closer to 1.5 years+.Unless you have really deep pockets, like Uncle Scrooge McDuck pockets, hard pass.

@Lori Hunter my uncle was a freeloader on my grandparents well into his 50's when my grandmother passed away.

My investor is looking for a solid, dependable and quality PM, to manage a couple of units on the north side (Rogers Park).

Uncle Sam can tax the life out of you if you get it wrong.