It also may be worthwhile to look into an umbrella policy if you choose to not go the LLC route.

Oh, a cheap llc umbrella policy would be a good idea to if you do make it to close.

I'd advise also having a conversation with good insurance brokers that specialize in multi-units...so you get the right liability coverage there and perhaps supplement with an umbrella policy.

I keep everything in my name and have maximum limit insurance and a personal umbrella policy with a high limit beyond that.

By getting you to pull in other cash under their umbrella, they can now charge you fees based on your SDIRA AND non-SIDRA piggy banks amounts.

If you're going the umbrella insurance route, make sure it will cover you for several things including just the routine slip and fall (like mold or earthquake).

@Kweku OcranOh I thought you might to see an insurance agent to insure the property and perhaps an umbrella policy instead of using a LLC.

When youre just starting out with rental property investment, do you recommend setting up all complex LLC (umbrella, trust, each LLC, land trust etc) or just do property llc and get umbrella insurance big enough to cover any issues later on?

As far as liability goes, you can get an umbrella policy for that.Since you're dealing with friends and this is not 100% business you have to consider fairness but also dignity.

Does anyone have an extra umbrella policy to further cover themselves with their investments?