the only thing with that is protecting future landlords.. but then again thats a personal choice..  

A well written management contract should clearly spell out what is expected of both the PMC and the owner, to PROTECT both and avoid misunderstandings.

My humble advice to anyone attempting to do creative finance is:Creative finance is for experienced investors who have access to capital if anything goes wrong.Learn the lawsDon't use a contract "off the internet", laws vary by state and are also regulated on a federal levelLearn the financing techniques correctlyDon’t skip parts of the processDon’t ever do a “kitchen table” closingUse the proper deedAn attorney can help you with the legal work, but the rest you are on your ownYour guru will not bail you out“Investing” in someone else’s deal by providing a small 2nd loan so the “investor” can pay for “cash to the seller” and for “closing costs” so he can do the deal is a very bad planKnow what problems can ariseLearn the responses and solutions to problems before they are neededKnow everything there is to know about Title and what that meansKnow who a "protected class" individual isLearn the "back doors"Learn human natureUnderstand timelinesUnderstand regulation enforcement (some of these "mistakes" have a 10 year statue of limitations ( they can charge you 10 years AFTER you do the transaction) and carry hefty fines and possible imprisonmentThe court doesn't accept "I didn't know" for an answer"Know that the source of the lead plays a serious role in some states and federallyKnow how much of a "profit" pushes the boundaries to invite an investigationYou can be sued by the seller if you don’t do things correctlyYou are automatically at fault if an investigator or attorney or regulator gets involved.

Explore multifamily or out-of-state investments for higher yields.Setting up an LLC provides liability protection but has no tax benefit for you now.This post does not create a CPA-Client relationship.

You have to protect your assets and your family.Yes to all over 18 years old.

Set clear terms in writing so that it’s “official,” which can protect everyone involved.Renovation Phasing: If the reno is intensive, consider breaking it into phases.

Quote from @Anthony Therrien-Bernard: Quote from @Kyle Mccaw: @Rafael Valdor You’re absolutely right to prioritize tenant screening—it's one of the most critical aspects of protecting your investment.

How would an umbrella policy protect against a security deposit related claim?

Whether they have personal property protection, and how much, should be left up them.

You do not need to have it under an LLC to take depreciation, the LLC's purpose is to protect your personal assets should you get sued.