You will also learn A LOT from your first property just by owning it and you'll want to mitigate your financial risks and get into good habits ASAP.  

I put alot of importance in reading, so I made them read classics at 1st, then mindset (think and grow rich etc) then financial acumen (rich dad etc) thankfully they all have w2 jobs so 401k match, roth etc. 2 are homeowners (don't want to be REI investors) but the last 1 is saving for REI investing.

This often forces a landlord to put utilities in their name to protect their property (think winter, no heat, frozen pipes).

Determined to find some way to pay off debt quicker and become financially free I decided to read some books and get into multiple forms of investing.

Is this more for tax strategy or asset protection?

You can decide if youre a charity or if you're a business person with an investment to protect.

Because,  the deposit by itself is not enough to protect property from any big damages, would adding more rules in the contract next to the basic contract help?  

Could be partly due to my financial situation, but definitely due to my built up Passive Allowed Losses (PAL). 

My goal is to create financial freedom and generational wealth while being able to express my creativity through fix and flips.

Mike, each lender has their different overlays, but if you’re looking to get a hard money and or Bridge loan to begin the BRRRR  strategy, here’s a list of the most common documents lenders may ask for:- experience / track record- personal financial statement- scope of work / budget- LLC entity docs- maybe bank statements (lender dependent)everyone is different and each loan is a snowflake.