I had to do a JV to secure the downpayment - but in a way in which life can work out - I did the deal with my ex-wife's parents, my son's grandparents and so far it's been a great partnership.

Im planning on 2022 to be the year where I pull the trigger on a property.

@Villy Ellinger To date, I have not seen any category of rental (STR, Commercial lease, multi family) able to trigger Loss of Rent coverage under their insurance policy.Typically, business interruption insurance is triggered by a direct physical loss or damage.

I'm open to equity partnerships where I manage and that's it.People like James are the people who are doing it right, and really the only way it can be done IMO.

Partnerships have their pros and cons obviously.  

Ramon might have made that generalization because, often, if you try to assign a property with a conventional mortgage to an LLC, it can trigger an acceleration clause, and the mortgage will be due in full. 

It sounds like you’re partnership is 60/40.  

I have a deal on the table for two properties but it's a partnership deal.

An accountant will advise you of tax advantages and requirements of different types of business structures, including sole proprietorships, limited partnerships, limited liability companies, and corporations.This will help you decide which structure is best for you.

How can I protect my other assets (401k, savings, Florida single family rental part of a 50/50 partnership LLC) with intentions to grow the portfolio.Is it advisable to purchase an umbrella policy or form an LLC for my business here in Connecticut?