I am leaning towards 1 mil in liability insurance and 2 mil in umbrella as my rental asset is worth about 250k.

Asset protection is key concept that I picked up from Rich Dad Poor Dad book "Unfair Advantage" by Rober Kiyosaki, and my limited understanding tells me that I should have an LLC to protect my personal assets from the property, that is a cool $800/ year here in California.

Thanks for the recap as it has been a bit since I read it and I have starting to buy liabilities and not assets!

I am absolutely obsessed with real estate, and I cannot wait for the day I obtain financial freedom doing something I love.

@Josh Wallace The depreciation schedule (usually called a Tax Asset Detail, Fixed Asset Schedule or Federal Asset Report) is just the document that shows your depreciation deductions.

Closed on our first two deals for rental properties.  The properties are in NY and I am in Florida.  Conventional loans, I want to get the title out of my name.  The best solution I have found is creating a trust with...

I have found several asset based lenders that I can borrow from. 

Do you know if the buyer of your property was able to obtain a federally-backed mortgage on the property? 

If so, becoming an asset manager for multifamily real estate really is another game and I would urge you not to go there.

, and get plans approved they will have an incredible asset worth way more than $32k at least in the current market.And the only one that I think could have been built on without much hassle was a 4.5 acre plot partially in a flood plain, but in a very high demand area with some pretty nice views and right on the edge of town.