The most common ways to partner up on deals is either an LLP (less functional, but still offers some liability protection,) or the LLC (more functional and arguably stronger protections.)

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Asset protection or anonymity isn't much of a concern for us on this.2) Would distributions need to go into a LLC owned bank account?

I think if you had to put in some sort of protection or guarantee to the homeowner that events like this would not happen, it would definitely help to ease their mind.

Transferring to a new LLC after the exchange is unnecessary unless you have a specific reason to do so (such as quirks in asset protection or state fees).

Again not saying the LLC is not the be all end all in personal asset protection or replaces a good insurance policy, but what David is describing sounds like you don't have ANY personal asset protection at all while holding title in a LLC.

Also, look through all the fine print of your AllState insurance to see where in there it says anything about not covering claims due to lack of "due diligence", "protection", or "insufficient inspection".

Question to current Home Owners, Has anyone put their home into an LLC or other kind of entity for asset protection or tax benefits ??

I've inherited properties, moved the deeds in my name, but the mortgages remains in father's name. If I put the properties in an LLC, my fear is it will trigger a due-on-sale clause. One is a homestead so I don't thin...

So not sure what protection or benefits this adds