Seems like an overkill and all you need is an insurance policy as any good attorneys first question will be "how much did the LLC who is to be separate from you pay for the property" - when the answer is zero and it was gifted. the next question will be do you gift properties to others as well?

Thought about adding a hoarding clause... one of our tenants has a side hustle where they buy, build, and sell holiday gift baskets.

Some of my favorites are Portage Park, Avondale, Logan Square, Humboldt Park, Albany Park, Irving Park, the south parts of Rogers Park that boarder Edgewater/Andersonville which are getting high income renter pushover.

I could ask him what today's date is, or what his favorite color is, and that's how he would respond.) 

@Brittny Kenaley Well my personal favorite would be ME! 

Explore my personal favorites, Set For Life by Scott Trench or The Total Money Makeover by Dave Ramsey, for invaluable financial insights.3.

:)  Really though, I'm gifted and complexity is my middle name.

. - You should be able to click the link I added to my post (on the word episode), or search iTunes podcasts (or any favorite location for podcasts) for the "Passive Real Estate Investing via Simple Passive Cashflow" podcast.

For example if you wanted to gift $100k to your child to purchase a business, it may be best to make your child manager, with say a 20% interest, while you and or your spouse maintain a 80% interest.  100% of any net income can still be received by your child as manger, or even for just his 20% interest, as profit allocation  need not align with ownership percentage in an LLC.

We currently have 23 single-family homes in the KC metro (120 bedrooms) utilizing this model and while its never boring - I really enjoy it and it's definitely a favorite way to invest in real estate to date.Have a few tips and tricks we've learned - send me a message if you have any questions.