The purpose of an LLC is for anonymity or legal protection.

Based on what I have heard/read thus far, it seems like I don't need a formal legal structure such as LLC for running this is as an active business (but I may set up an LLC for asset protection, which is allowed by my mortgage lender).

The LLC only provides basic legal protection.

Brokers can look at tax records but past that they are not going to do title examinations and date downs again thats what title companies are in business for to protect buyers and protect your title..

Title insurance protects you from adverse claims, whatever that means.

@James McGovern if I can assume by "undocumented immigrant" you're talking about someone who entered the country illegally, he/she would not be considered part of a protected class under federal / state Fair Housing laws.

I own properties in two locations over 2000 miles from home and thank my managers every time I talk to them for protecting my interests and putting up with day to day issues that I don't have too.

The people who really suffer from this are the low downpayment/first time homebuyers who used to get representation for free.

At worst you'll have to schedule monthly transfers to cover your recurring income and expenses as they won't offer sweep or overdraft protection.

If you are concerned about lawsuits, an umbrella policy may be a better choice.An LLC is useful for two things: anonymity and legal protection.