That is unless you have a JV or other equity partner who is putting up the funds immediately with no lien, title insurance, etc.

If you are trying to get a cash out refi, I would think the bank would want to see the correct type of insurance for the business you are running.

Think about an HVAC, storm damage, paying for housing if a tree falls on the roof, dealing with stupid insurance companies, etc.

Consider whether an LLC is right for you—it can provide liability protection but isn’t essential for a single property, as personal liability insurance and an umbrella policy may suffice.

Secure liability insurance to protect against lawsuits or property-related claims.

If your insurance coverage isn't enough, they could seize the LLC assets, but not your personal assets.Additional thoughts:1.

We have had one attorney contact us about one of their clients saying they never completed the form - we sent them the information and they asked us for all this other information which we ignored as we had no obligation to provide any information to them.

For example, what is the monthly revenue for the property and what are the "All In" expenses, including mortgage, taxes, insurance, utilities, repairs, etc...

If you notify your lender, they are obligated to say "no".

In addition, you would need enough working capital to pay for insurance (which will be going up a LOT in Los Angeles) and to pay for property taxes.Don't buy this unless you have substantial resources and a cash cushion to keep yourself safe.