Local attorneys are necessary for things like evictions or law suits, broader needs can be based anywhere.

I am under contract on a property SFH with an "In law" suite (primary residence with VA Loan).   

@Sandra Regnell adding your PMC to your insurance policy is standard in the industry as a PMC CANNOT get liability coverage for slip & fall lawsuits on properties they do not occupy or own. 

On the other hand, if you have no debt, you have become a more enticing target for a lawsuit, in which case an LLC probably makes sense.

It's probably the top section of real estate that generates the most lawsuits, so many brokers just don't want the headache for the low returns.Think about what your revenue and expenses will be vs time and effort. 

Removing risk is prevention and is better than having a lawsuit.

However, far to many new to investing get caught up in the need to form a team instead of finding a deal and get the ball rolling Having never been involved in any lawsuits in 30+ years is a function of doing things the right way for the most part.

The lawsuit between the family of the seller is still going on in court so the seller, supposedly,  just decided to pull the house. 

Best way to protect a rental property from a lawsuit by a tenant? 

Of course, this could an "in-law suite" but if you do it and your neighbors get pissed and call you in, you could be in trouble.But assuming neither is an issue, it could very well be worthwhile to finish, if you have the means.