Nothing a 300 a year umbrella insurance policy would not cover the average person instead of setting up these expensive and elaborate schemes.I do agree that the people that make the most money providing the direct mail are the direct mail companies... just like those that got rich in the Gold rush it was those that provided the pans shovels and entertainment.

I have a personal umbrella policy but not a business umbrella.

Does an umbrella insurance policy cover me the same as an LLC so I can carry an umbrella policy as legal protection?

Would love to see the forum lawyers opinions on the LLC vs. adequate insurance/umbrella coverage.

I know the alternative as far as protection goes is an umbrella insurance policy; however, with it being a partnership I'm wondering if the LLC is a better idea - since there's an extra layer of protection needed as opposed to owning a home outright as an individual. 

The thing is he does EVERYTHING for the property including repairs and evictions and it all falls under the 25% umbrella.

. $200+ dollars later, my attorney is drafting the Limited POA and General Partnership Agreement.I do have a followup question regarding liability and protection:Does anyone have thoughts on if its okay to start out with just a large insurance umbrella policy, in addition to my standard policy and General Liability Policy and then once we get several properties under our belt consider incorporating for better protection???????

If you have many properties under the same umbrella HELOC, they are all at risk...  

@Micheal Johnson You may purchase an umbrella policy, which kicks in after you have exhausted your Homeowners liability limits.

I sure hope that you have more than a couple million dollars worth of assets you are trying to protect, otherwise you are likely wasting your time and money with a LLC ... in this case as an alternate I have three words for you: umbrella insurance policy.