In my opinion you always have to plan for worst case "what if the contractor get's in a car accident?".

isn't the purpose of insurance to cover accidents/defects?

I also know many of these same people lost everything, due to the behavior of a single tenant that is known as a "Professional Tenant," or maybe an inadvertent accident occurred.

For those unforeseeable accidents, your liability insurance protection is far more likely to protect you than an empty LLC.

@Tad FisherIt's funny, because I almost moved to LA to invest in RE, and only stayed in Toronto because of an accident, but started investing here instead.

So basically I had all this land exposed in my name, what happened if someone got into an accident even on my vacant land?

One day when my wife decides I am not worth it anymore and has me die (by sheer accident) she will find my daughter now has a completely tax free business empire (granted, a small one) that she can leverage to do amazing things for the rest of her life.For continuing contributions, in your scenario where you have no matching it is really up to you.

I accidently stumbled upon this website and fell in love with the lucrative amount of information available for members.

Back then, I was really young, I had no money and I had practically no credit so at that time, owning a beach place was really just a pipe dream.I found BP more by accident than by anything.

i know what Rubs is, the only problem is this doesn't seem accurate it the tenant leaves all the lights on all the time, or leaves the water running by"accident"