Who do you recommend using for a policy that won’t cost me my firstborn child?

Now if you child is grown and is your active business partner, there is probably more benefit to doing an LLC.Unfortunately, legal entity creation, taxes, and estate planning are so individualized, that it is probably worth the money to sit town with an attorney and accountant to get this write. 

I also don't believe $180 is reasonable, it's just him and a new born baby and a 5 year old.

As per the tenant, he has to pay her child support but she continues to live in the house as she has nowhere to go with the kids.

As far as this investment goes, for me this was a happy medium between acquiring an investment property I wanted and something my significant other would be happy with for our family and newborn.

I too have been talking with my wife about getting a house for each child to have paid off by the time they are 18. 

@Chuck KautzHey Chuck,I like your idea of getting your daughter involved.As a father of 2 kids that went to college I think this is a great time to expose your child to what the whole process involves from purchase to rehab to managing this property.Your child will get so much real world experience out of the process I hate to say but this exercise my have more of an impact on her life then the BA has!

My goal is to create passive income through rental single or multifamily properties and become financially free to be able to give my beautiful wife and my new born son the life they deserve.

Well, allow me to enlighten you on my teaching method.You see, just before the neighborhood opens up to the ritual taunting of "trick-or-treat" on the evening of Halloween, every child has a choice.

Got a great set of tenants and completed the full renovation in 6 weeks (while also welcoming a 2nd child!!).