Familiarize yourself with the local landlord-tenant laws to protect yourself and your investment.3.

@Kenneth Tiedemann you can use personal account, just be sure to follow your state and local laws about security deposits.If you're parents are living in the home with the tenants, then they are also exempt from most Fair Housing requirements, but you should look into them anyways.You'll want a good lease to protect your parents and to be able to evict if/when necessary.Check their home insurance policy as it probably needs at least a rider to cover renting.

I feel I need to protect myself and get the property to be owned by an LLC...But I need STEP BY STEP instructions including how to start the LLC. 

Has great "farming" references in that it's an area you cultivate and harvest over time.

What’s your experience in LLC and asset protection?

Immediately after closing, we registered an LLC so that we could protect our personal assets as landlords.

It wont give you the protection you think.

The value of property and the rental income it generates typically rise with inflation, protecting your wealth.

Each series can own different properties, protecting each one from liabilities related to others.

This protects you if the tenant tries to tell you that he prepaid rent for the next 6 months or he had a huge deposit on file.