I do most of the flipping work myself but my best friend owns a general contracting company who does flips for people. 

While I can appreciate ones desire to own real estate, it is not the appropriate investment strategy for most who fall within this category & the consequences of a bad investment generally far exceed the potential upside.

Putting a property into an LLC before placing it in a trust is generally recommended because an LLC provides a stronger layer of asset protection against creditors and lawsuits compared to a trust alone, effectively isolating the property from personal liabilities while still allowing for estate planning benefits through the trust structure; essentially, the LLC acts as a shield to protect the asset within the trust from external claims.Consider getting professional advice on how to structure your assets to shield and protect the asset(s).

They generally are compensated on a percentage of the final claim amount. 

I can show you some really good stats about it and all of the different sub markets so you know what, in general, is a class A, B, C or worse and what markets to stay away from. 

@Jordan Sachs, I think there has generally been good advice here, but I think one fine but perhaps important point might be getting lost.

I have a one year background as a general contractor but decided I was not ready yet so I decided to stop.

I keep it as a general business expense and don't assign a property (class) to it. 

Hi @Inderpreet SinghAn Umbrella Insurance policy is a cost-effective way of getting your general liability coverage up.

Quote from @Zhongyuan Luo: Hi there, I have a general question as I’m considering going pro with the service.