I feel bot of those are very affordable, considering the risk and liability if you mess something up!  

Be sure this property continues to be an asset, not a liability.

PERIOD.Wouldn't the owner then take on the liability?

I disagree with using it to pay off debts or other liabilities.

Just make sure to get $500,000 or $1 million liability coverage on the property and you should be OK.

I've heard about LLCs for a little while(Wyoming being the most popular) and the tax and liability benefits that come with it.

By reducing your basis through accumulated depreciation, you effectively increase the taxable gain when you sell the property.It's essential to keep accurate records of depreciation, as it can have a significant impact on your tax liability when you sell the property.

Not so easyDisagreements happen - gotta be clear on who does whatActive participation required - not ideal for your hands-off friendsSyndicationProsLimited liability for your friends - they only risk what they investEasier to raise money from a bigger pool of investors - more cash for bigger deals!

Always hire a PM, too much liability and time at risk.

I would say that I recommend getting an umbrella policy just to cover yourself for liability purposes/reasons.