Imagine making millions of dollars throughout your career and then having to pay Uncle Sam 30-50% every year instead of compounding that cash over time.This is exactly what real estate professionals have learned to mitigate.To reduce their taxable income, they buy a building every year, do a cost seg, and use depreciation to reduce their tax liability dramatically.Their personal wealth snowball grows much larger and much faster than their W2 counterparts who give most of their money back to the government each year.Following this strategy as a real estate professional is one of the best ways to end up with a much larger net worth at the end of your career.

We would like to have the property to an LLC for liability purposes and then have the LLC owned by our Family Trust for Estate Planning purposes.

We don’t feel great about it for various reasons, namely it’s a liability, an eye sore, and we don’t know of all the problems this could present.Has anyone had this happen?

OWNER assumesno liability to TENANT if such should occur as all products have a useful life and breakdown occasionally"My partner has a signed copy from the VRBO tenant.The way my partner has left it with the tenant is that my partner is investigating the issue and will get back to her.Does anyone have any advice on how to handle this?

But the city has risks too: historic tanneries, dry cleaners, gas stations, garages, workshops, any kind of industrial use - always be suspicious of what people did with chemicals back in the 50s and 60s when the general population had no awareness of the damage I just had to turn down a small development  10  house's or 20 detached as phase 2 found chemicals for the Filbert orchard ( Filberts are hazelnuts ) that was planted 30 years ago.the soil had to be dug down 1 to 2 feet analyzed and hauled to special dump at 3X normal dump fee's.. there is a reason why we do phase 1 and phase 2 and just dont buy this dirt and take on those liabilities.. now to be fair this is for lending purposes is someone want to buy it the county / city would not require the phase 1 or 2 but you take on going risk of someone suing the pants off of you in the future.

An LLC also provides liability protection for your personal assets in case of issues during a flip.

The umbrella policy also covers things not included in a regular landlord liability policy.

Anything that involves a licensed architect or engineer providing a stamp is going to cost something, because they will review the person's work to determine if they're willing to bear the liability for that, and that takes man-hours.My previous firms always flat-out refused to stamp someone else's drawings because they had no idea whether any of it was on the level.

You’ll also need owner and lender's title insurance as well as the standard fire and liability coverage, which I assume you already buy.

(Case and point the BOI you’re referring to) I’m convinced of this because there’s clear exemptions in place to shield yourself or at minimum hedge against BOI liability.