.$6500 is a good start and saving $600/mo is great, but I would generate my war chest of cash up a bit before sinking everything into a rental property.Good question and good luck @Adam Pierce!

So the $1m equity thing may be a rule of thumb in some markets, but A) it's not foolproof, as unless you know what you're doing and keep all operations separate, it can be easy for someone to pierce that corporate veil, and B) in high priced markets, having to have an LLC per property can really be a time and money suck.My attorney recommended a large umbrella policy either way, because as I mentioned above, having multiple LLCs may make you feel better, but they are not by any means bulletproof, and if they are only separate on paper, they won't provide much protection (I'm not a lawyer, but this is my understanding of the guidance I received).  

Looks like there are ways to get it to legally flow, but seems to have some risk to meAnother issue I have, just my layman’s opinion which I haven’t heard different here and anywhere else, this is just another way to pierce your corporate veil which invalidates the whole point of having a LLC.

I’ve sold a number of multifamily properties in South King and Pierce counties.

However, claimant could go after the husband directly if they can "piercing the corporate veil".

And I stress that when I buy one thing with the wrong credit card that it will pierce the solidarity of the LLC covenant, which apparently that case law doesn't like anyway.

I live in Western Washington in South Sound Pierce County with my Wife and four kids.

Once you mix up charges then you are piercing your corporate veil (granted, if you fix it via accounting thats a way too). 

Will depend on several factors like the type of property, type of tenants, your risk tolerance, other assets you own, your estate planning, laws where the property is located, etc.Any lawsuits would be limited to the assets of the LLC and not your personal assets (assuming you run the LLC appropriately and the corporate veil is not pierced).

I'd go for the Wyoming LLC personally, but I really value anonymity and paying as little tax as possible.The anonymity I understand conceptually but can’t the corporate veil be pierced as soon as you are party to a lawsuit?