If you do close on a property do get an insurance policy that protects you if there is any kind of loss.  

Multiple business entities each have their own purchasing power once their credit is established and there are ways to do that.The second is protection against liability.

Minus the 1031 Exchange protection?)

I'm looking for  advice/opinions, I'm about to have a attorney setup a LLC for me, I know you can due it yourself cheaper but I heard you don't receive the same protection for your assets .

@Mike BowlingTypically LLC's give a layer of legal protection.  

This case is for owner occupant.If the property is tenant occupied , then after you receive your deed (title) you must make contact and find out if the occupant has a true lease . the following tenant act was created .Your Rights Under the Protecting Tenants at Foreclosure Acthttps://www.shra.org/Portals/0/pdf/hot_topics/Fore...At the end of the day you will achieve full control and possession of your propertyHope all this help a little

As a example Dementia runs in my family and if I suffer from it I will be a vegetable by my mid 70s.

Side note - After suffering multiple years of "analysis paralysis".

.-- The income they do report (which is probably very little) could put them into a protected class, making things like evictions harder (always check state and local laws when it comes to that).With all that being said, the risk is on you.  

Well, if you are smart (and I think you are) you are going to put insurance in your name as the new owner to protect yourself.