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

If closer to the latter, the entire business plan can be at risk and it would very likely need immediate adjusting in a way that best protects investor capital.

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

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

I also don't want to have to evict her if I can avoid it because that is very expensive and time-consuming, but I want to start her out with good payment habits!

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.  

Monetary inflation:The Federal Reserve (Fed) can increase the money supply by changing the target fed funds rate, buying Treasury securities or MBS (Mtg backed securities) to lower rates. increasing the money supply, which banks can then lend to consumers and businesses.Debt monetization.

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