LLC’s typically protect you, hopefully from accidents and lawsuits, not from the debts the LLC incurs.

do you think it mite be easier building a small granny in law suite with a desperate entrance?

me and my sweetheart have enough for the down payment on a duplex. we want to save to install a granny in law suite in the attic. just a studio unless the numbers make sense for more of course. from what I researched it can run me 32k to 65k on the cheaper side if I can use unused space.our goal with it is to build the studio then live in the studio while househacking and renting the large units then when we save up for the next duplex do the sameAnd just rent out the studio for 5 600 after wardsturning the propertys into suido triplexes.any problems I may run Into trying to do this?

In addition to what Ned mentioned, you will also have advertising, entity maintenance, legal fees, evictions, court costs, periods of high vacancy, damage done by tenants (in excess of the security deposit), lawsuits, utilities (at least during vacancies), etc, etc, etc.

Trada lawsuit in Kendall County Texas is set for trial Sept. 2,2008 after several years of delays from Trada.

If an individual who owns property is the defendant in a lawsuit and a judgment is awarded against that individual, then the judgment will automatically be attached to any property belonging to that person.

That's not a bad thing, and may put some attorneys off enough to have them drop the lawsuit.

Two lawsuits, a lot of money, and a lot of headaches!

Depending on the applicable state antidefiecency statue and court decisions interpreting the statue, the protection afforded by the anti deficiency statue may or may not be extended to apply to a guarantor if a lender elects to foreclosure and brings a suit against a guarantor for a deficiency judgment.One – Action States Some states such as California have also enacted†one action†statues or rules, that a lender to one lender to one lawsuit to collect its debt and enforce its security interest.

Help them stay in their homes, give them a break and rent to them when no one else is, give them a free car... whatever you think is going to help them.That limits how much you can lose on them, limits how much is going to be stolen from you, and probably limits the number of lawsuits filed against you if you run it as a registered charity.