You just filled in and registered to the country clerk.Title companies won't accept to transfer the property without using a warranty deed, because they can't insure the title, but that will come when your parents sell the property and at that moment your parents will create a warranty deed to the new owners.

Insurance is another big ticket item for all beach areas, especially Florida.I had some friends sell their ocean front condo on Hilton Head, that they had owned it a long time at a great interest rate.Condo fees, property taxes and insurance made it not cash flow anymore.So they were forced to sell.

If your insurance coverage isn't enough, they could seize the LLC assets, but not your personal assets.Additional thoughts:1.

If your insurance coverage isn't enough, they could seize the LLC assets, but not your personal assets.Additional thoughts:1.

Additionally, how should I work with my insurance company/police/contractors to prepare for the worst?

Be sure to include closing costs, mortgage recording, title insurance, etc.

If your insurance coverage isn't enough, they could seize the LLC assets, but not your personal assets.Additional thoughts:1.

You can deduct allowable property expenses from that amount, which will help you calculate net rental income.This is because the “cash flow” is the amount received in rent minus what is being paid out, including the interest part of the mortgage payment, property taxes, insurance, and maintenance costs.

@Raul Mena There’s really no need for an LLC at this time, but landlord insurance and/or an umbrella insurance policy may be a good idea to give you extra protection because of those other people living in your home.

I'm currently analyzing a potential rental property in Houston and trying to quickly estimate insurance costs.