The question I have is have any of you rented out a property with a pool and if so what safeguards should I have in place to protect my myself?

Do I need additional projections and insurance to protect my assests or will I be covered by my LLC. 

It is best to collect the monies needed to protect yourself and your investment.

I strongly suggest you have an attorney draw up the contracts (and one has who has already done this many times, as they will already have templates they use).At the minimum, a lender need a Mortgage but I would also recommend for more protection, a lender will want a JV agreement, promissory, personal guarantee and if possible, to have the deal cross-collateralized with another property. 

It's called something else that I can't recall at the moment, but they'll know and be able to guide you in the right direction.Since there is a large amount of equity in the rental home, just be sure that your new HOI policy has good coverage and possibly think about an Umbrella Policy or additional insurance coverage to "protect you" vs. trying to reinvent the wheel and forming an LLC just for the one property.SD

Hi Cliff,Here are some things to consider:Liability Protection: One of the biggest perks of having an LLC is that it helps protect your personal assets.

In either instance, I would certainly have an attorney make sure everything is buttoned up and legal to protect you both.  

More things happened than what was listed above, but I think my mind has blocked them out to protect my sanity.  

It sounds as though your REALTOR didn't do their job to protect you and the Seller is trying to scam you.The first thing I would do is talk to your REALTOR.

So I just saw this post about Section 8 HUD tenants, and this post stated something along the lines of section 8 tenants being more likely to damage properties because they're section 8 low income tenants, and also something about investors not wanting to put money needed into Section 8 properties because they think they're just going to be ruined by these Section 8 tenants, and as someone who knows the entire process with investors, owners, contractors, tenants, and prospective tenants, this is what I have to say about it:In my experience, Section 8 HUD tenants are actually better custodians of the property because of many factors, but 3 of the main reasons being, there is an annual HUD inspection that is performed on each property, so this gives the owner an extra 'protection vector' against damages, also, the initial placement of a Section 8 HUD tenant requires a passing HUD inspection, therefore there's a record of the property's initial state prior to move in, and additionally, they want to have an easy renewal voucher process annually, and their unit remaining in good condition is an incentive for those reasons, therefore they are LESS likely to damage a property - their future depends on it!