Guess what gets recorded as the sale price in the public records?

My advice on insurance is to make sure you have ample liability protection.

Turns out the previous owner who was long deceased somehow received a loan from the department of public assistance (obviously an expired program) against the house.

I have a rental property, and am thinking about forming an LLC to protect my personal asset.My mentor told me in PA if owner of LLC also manages the property himself, it provides no protection.

The LLC will afford some liability protection but you should also look to a good insurance policy to carry the brunt of that protection.

Some states have ruled they are against public policy and strike them down but many uphold reasonable penalties if they can show a reasonable basis for doing so.

According to the GOV website here currently it appears NC allows buyer rebates. http://www.justice.gov/atr/public/real_estate/rebates-details.html Never have heard of Larry Loftis.

I see new comers fall for the lease option without asking questions or going through a lawyer to help protect themselves.

To add a layer personal protection in case of a lawsuit or as a strategy when a bank puts a clause on a REO purchase restricting you from selling it within say 6 months or 90 days.

With the ability to borrow money from the policy while having it still grow while protecting your business and family in the event of your demise, this will allow you to be the bank and not be waiting on a bank to give you the funds to purchase and flip properties.