If you do not have a loan you would be very foolish to not have substantial liability insurance at a minimum.

Your primary insurance policy with $300,000 in liability coverage should be sufficient in 99.999% of all lawsuits.5.

You can always just increase the liability on your current carrier.

If they call and then hit something incorrectly marked then there is some relief from that liability.

Ensure you understand local regulations regarding permits; it’s usually a good idea for your associates to form an LLC for liability protection, but individuals can do renovations as long as they pull the necessary permits.

Quote from @John Friendas Quote from @Patrick Roberts: If you are on the note or personally guarantee the debt, then it will affect the liability side of DTI, regardless of whether the lender reports the loan on your personal credit.

Hey everyone!
One of the trickiest parts of flipping houses, at least for me, has been figuring out how to accurately estimate rehab costs. It feels like there’s always a surprise—whether it’s skyrocketing material p...

As far as being expensive; if the tax liability is not large enough then yes I agree, however, it depends on what is being sold too.

@Bryan Stengel, I think alcohol has been the tough one with the STRs, not sure about if you need license( hopefully someone will chip in ) , however there  always the liability part including but not limited to offering alcohol to people who are trying to quit etc.

@Tyler Speelman Your strategy to assist your sibling with a down payment while minimizing tax liability is creative but comes with complexities.