It is what I personally do and I help clients do.

When that’s not enough they go after personal assets, if your rental is in your personal name it’s targeted.

Personally I’d do a 1031 to save $40k, I’d skip the LLC, increase the limit on my umbrella, and call it a day.

And personally, I stay away from OH because it's what herd think has long been and I worry how much of price is based on herd-actions or market metrics. 

Who is the first person you call in that market to get started?

The fastest I've seen personally is a few days, with a reinsurance policy through Metro Title (they were on Glenwood Ave in Raleigh, but I think they moved.)

Doesn't seem to be a lot of options around here for that though3) Continuing to rent where we live, and buy a separate property to rent outI personally feel like having my brother to help out as a renter is a huge advantage.

I'm happy to meet in person. 

Hi Randall-Congratulations on buying a rental property well back in 2020.I am sorry to hear the property is now cashflow negative $200 a month.Your question is should you sell or continue to keep it with the negative cashflow.Depends on your personal goals and if being negative $200 a month plus any unexpected repairs or vacancies is affordable to you, but if you can solve the negative cashflow by turning the property into a furnished mid-term rental, for example, your future self may thank you.To Your Success!

The financing arrangement must be at arms-length and cannot involve a disqualified person (e.g., you, your spouse, family members, or certain business entities tied to you).