The cost for insurance could be a lot cheaper than running an LLC.Now if you have hundreds of thousands to millions in assets, it would be worthwhile to talk with an attorney.One last thing, if you have financing on said property, transferring it from your name into an LLC could trigger a due on sale clause, which means you would have to get new financing.

It always seems interesting to me that people create a LLC to reduce risk, yet increase it by the possibility of triggering the due on sale clause (and or not setting it up correctly). 

Harsh Patel Welcome to BP neighbor.

I'd pull the trigger tomorrow on that second home if one popped up that I fell in love with. 

Once you meet a triggering event, you can transfer it to a self-directed IRA.

Just never pulled the trigger since prices are all over the board and a lot of area’s seem iffy.

The grace period refers to the triggering of late fees.

I have been finding that deals are still on mls you just have to pull the trigger much faster and that can be hard when you are newer investor. 

I hope that doesn’t trigger withholding on that outside income to Florida..Let me know your thoughts on this if you have experience with these types of transactions.I appreciate your time on reading my post...Lloyd

If you are getting a mortgage you dont want to trigger a due on sales clause or something of that nature.