And yes, there is a risk that your rates would go up or they can drop you - but unfortunately, many insurers in that are may already be planning to exit the market or raise rates on everyone to make up for loses.One thing to note about a claim like this, insurance will usually pay for repairs to the damage caused by the problem, but not fixing the actual pipe that broke.

Quote from @Patrick OHalleran: Hi David - I used HallCPA for a Consulting engagement (about $5k) and found the tax planning support to be very helpful. 

Here is an example with some figures:My LLC total investment = $204,000Partner LLC total investment = $196,000Value of project when complete = $500,000Each LLC value afterwards = $255,000 / $249,000The plan was for me personally to go get the refinance loan because the terms are so much stronger than if I went portfolio with the LLC.Loan total = $300,000 (keeping at 60% or under of value for best terms from the bank)Partner LLC payout = $249,000My LLC payout = $51,000In this scenario, I am struggling to see how to get the remaining equity in the project into my personal name? 

Otherwise you have to plan for worst possible results. 

If you do decide on an area, please go visit and spend time in that area and get to really know it and the team you plan on working with before investing into it.

Those of us who have build investment assets, businesses, professional practices, etc. understand how much time, effort, planning and capital it takes to “scale”.  

I am currently in the market to purchase a tri-plex with the plan to live in one unit, make upgrades, and rent the other two out.

It would be good to talk to a lender to make a game plan and review your financials. 

If you can answer these types of questions you will know what is important as you game plan for the next 10 years.

My suggestion to any one that are first time real estate investor in fix & flip, or planning to hold property for rentals, is to learn or read, understand about real estate financing first, build your assets and network or partner withsome has completed some projects in fix & flip and has some rental properties with positive cash flow within your immediate area before dving in to any project by youyrself.