You can - 1) establish a trust for asset protection, 2) utilize the Homestead Exemption for property protection, 3) consider tenancy by the entirety for marital property (this might just be applicable to California, my home state)4) make sure you have adequate liability insurance for additional protection, 5) think about forming a business entity to shield assets, 6) and have proper estate planning for asset distribution.Seek tax and legal advice from experts in your state.

And therefore competition among tenants can create significant challenges, like...Businesses may struggle to establish a unique presence and loyal customer base, and a lack of profitability due to nearby competition will likely lead to higher tenant turnover.

Other options could look like a property closer to you or in an area you are more familiar with, could be turnkey options with an established company, could be partnering with someone to gain some experience. 

I've been reading a lot to understand where to start in my investing journey and I felt unsure why I was so uneasy with this deal, thank you for the gut check.to answer your questions:1.

Quote from @Patricia Redsicker: My husband and I have other property investments but recently, we established an LLC to start doing fix and flips in Baltimore City/County/surrounding areas.

I will also be tracking expenses related to repairs, maintenance, travel to and from NV, hotel stays, meals, gas, and other regular business costs.In the long term, I aim to purchase additional properties under the business name, but I understand I need to establish at least two years of income and credit history before doing so.The issue I’m encountering is that my accountant has not provided any guidance on how to structure this scenario.

Establishing a relationship with a few of them locally or nationally [if you have a network] would be extremely beneficial.

California actually has a lot to offer.

With that said, you have a lot to learn before you need to form a partnership and start the wheels on that.

Unless otherwise stated in this Agreement, Tenant shall establish their own utility accounts, effective no later than the lease start date, pay all utility charges, and maintain accounts in good standing.