My gut says you probably want/need separate policies for the different entities at the very least - the purpose of having them is to keep things separate in case of a lawsuit, so combining insurance would pierce the veil and allow someone to come after everything. 

It also sits on 2 acres with separate buildings for animals and a nice storage shed.

Separately, smaller towns are very user friendly.

Bias from over influence by liking and reciprocity: these are really two separate traits, but they have a lot of interplay here.

I completely agree with the advice and I'm perfectly okay with not charging him rent.My concern is that by treating this property differently from all the other units in the Series LLC, I may be opening myself up to a situation where I'm weakening my LLC protections even if I keep the financials separate and in order.

@Chris Yeung  @Julian Buick  @Steve MorrisGood morning gentleman.Just to provide clarity in this post, there are three (3) separate companies: 1) Norada Real Estate Investments2) Norada Real Estate Funding3) Norada Capital ManagementThe Promissory Notes you're referring to belong to Norada Capital Management.

Syndication appealed to me because of the headaches of OOS investing and finding a property, managing the property manager, etc.I've talked to 2 larger syndicators which I posted about in a separate post.

This frees you to focus on higher-value tasks like growing your portfolio, owner communication, and big-picture strategy.2.Adopt a Portfolio Management Structure: Early on, I ran a departmental structure (separate teams for maintenance, leasing, collections, etc.), and it caused inefficiencies and communication breakdowns.

Please consider this if you move forward.Additionally, you need to have a broker on payroll in illinois and three separate bank accounts with the security deposit trust account located in illinois.

Keep personal and business finances separate to create less headache.File all receipts in a dedicated Google Drive folder.