Quote from @Travis Smith: Age 56 and retiring from farming and I’ve been very good at avoiding income taxes with depreciation and business expenses.  

Before our contract fell through, we were going to go with a business policy from State Farm.

I’ve been using Obie for a couple years now - I switched from State Farm.

Do I get access to you or will I be farmed out to "your team"?

Your particular lender is likely a mortgage banker with few options to farm it out to.

We have an insurance policy on the rental house (through State Farm), that includes a personal liability section, which is essentially equal to our current net worth.Given that a tenant could sue for more than this if an accident occurred, we are thinking about adding either LLC or an umbrella policy (or both) as extra protection.Any advice on which way to go, and if LLC, any recommendations for a law firm or company the Indianapolis area?

Companies like State Farm, Allstate, or Chubb often come up in conversations, but comparing quotes with independent brokers might give you the best value.Since you're in a general partnership, it”s critical to clearly define liability exposure.

All in all, I'd like to worm my way into the REI space and preemptively thank everyone who has taken the time to read my long introduction and offers their advice.Thank you,JohnTo keyword farm: rehabbing, fix and flip, house flipping, BRRRR, multi-family, apartment, long-term rentals Holla

. ;-) There is nothing false wiih what @Henry Clark said.Commercial real estate is broad - Office space, self-storage, Farm, Data centers, residential properties above 4 units, etcIt can be true that one part of commercial real estate is suffering while others is thriving.

There was a report that State Farm cancelled 70K+ California policies eary in 2024 and 70% of their policies in Pacific Palisades.