Also planning to get insurance as well as an umbrella policy.I guess my new question is: is there a way to maintain the cost basis at the time of my mother-in-law's death to depreciate off of and still have an LLC own the property?

Just curious everyones thoughts on using an umbrella policy vs an LLC especially with an expanding portfolio?

If you're going the umbrella insurance route, perhaps see if it will cover you for several things including just the routine slip and fall (like mold or earthquake).

Do you also provide umbrella insurance for short term rentals?

@Raul Mena There’s really no need for an LLC at this time, but landlord insurance and/or an umbrella insurance policy may be a good idea to give you extra protection because of those other people living in your home.

Insurance would cover it, I would pay the deductible, and no assets would be lost.If you are in an area like San Diego where people are more likely to sue, a judge is more likely to find you guilty, and the payout is expected to be higher, you may consider an umbrella insurance policy.

Behind that insurance can be an umbrella policy.

Insurance would cover it, I would pay the deductible, and no assets would be lost.If you are in an area like San Diego where people are more likely to sue, a judge is more likely to find you guilty, and the payout is expected to be higher, you may consider an umbrella insurance policy.

Insurance would cover it, I would pay the deductible, and no assets would be lost.If you are in an area like San Diego where people are more likely to sue, a judge is more likely to find you guilty, and the payout is expected to be higher, you may consider an umbrella insurance policy.

Yes Insurance and Umbrella  Insurance..mandatory in Real Estate investments