I'm not sure what to do.I plan on mitigating with a non-skid strip at the edge of each step (not the most appealing option), but it would probably make them more safe.Even if I do that, I will go bump up my umbrella policy just in case.However, I would like some input from you more experienced folks.

If they decide that they want out of the house within that time frame they can sell using the primary residence exemption and save a pile of money.You might consider protecting yourself with an umbrella liability policy-probably more effective in your situation than an LLC?

In fact, I've heard from several people that you're likely looking at $200+/sf in many areas of CA.As for liability insurance, I recommend getting an umbrella policy of at least $1M -- this should likely run about $300-400 per year and will cover you from a liability standpoint.

My insurance company doesn't allow at cost though so I have to replace.The less obvious one is I recommend getting an umbrella insurance policy on top of your normal insurance.

Since the asset is within the trust and now owned by it, other options might not be applicable within the trust umbrella.

I have several properties, all SFRs in various cities, 4 in Atlanta, 1 in Vegas and 1 in Tampa that need landlord insurance and umbrella liability coverage.I used Affinity Group for 5 of them, but they told me they can no longer insure one of my properties and can insure other 4 but at actual cash only, after one of my properties caught fire while rehabbed (the one they refuse to insure any longer): It took a while and we go back and forth quite a bit, but the Affinity Group finally made the insurance payment.).So, I need to switch my insurance company.

I don't have an umbrella yet, I want more homes before I get one.

Such an agreement may not have interest, it may only finance 7% (3% under that viewed in taxable even, it may not be amortized it might be lump sums toward an option over any agreed term, thereby not meeting those aspects identified by the IRS.I agree with Bill W. that what may be in the mind of a Circuit Judge could be influenced by almost anything, including not having breakfast that day, but there are long standing finance regulations referenced in the SAFE Act for determinations to be made under the umbrella of financing regulators.

I'm having some difficulty finding an umbrella policy that will cover us.

If you are just going to do a couple houses and call it quits keep it under your name personally with an umbrella insurance policy.