Quote from @Irina Badal: I heard for anonymity purpose it’s advisable to set up a personal residence trust.

Hi All,Newbie here, just a quick question we are building an addition on our second home, we have a primary residence, and two rental properties. We are trying to not use our retirement funds. Are there any strategies...

What is the financing vehicle? 

You now don't seem like the type of person most of us would accept a recommendation from.

The person they consider having the deep pockets. 

Westchester, although one of the hottest markets, has a ton of upside with opportunities for both cash-flow and equity. 2-4 family properties in Westchester are the 2nd most affordable in the NYC Metropolitan area (next to Suffolk County) making it easier to find cashflow opportunities when compared to the boroughs and other suburbs like Nassau.A client of ours in Westchester recently purchased a < $800K 2-family with a detached 3-car garage which brings in additional rental income - from a local business owner with commercial vehicles.

The crash caused significant structural damage, and the driver fled the scene, later reporting the vehicle stolen.

The closest analogy I can make here is when someone "takes over payments" on a vehicle.  

You have to be up front about how the property is being used.Also, remember that umbrella insurance will not do anything for you if the underlying property or vehicle is not insured correctly.  

For example is a personal loan from a bank is 7.5 % that you could use as a down payment (after its seasoned), and your 401k loan is 4.5% but the 401k is expected to return 7.5% per year the money you save on one end you miss out on the other end basically and if your 401k returns are 20%, then you lose out significantly. 2.