Homeowner should have an adequate policy and you can use additional damage protection from services like Safely and Waivo.Yes, security deposits are normal for MTRs and highly recommended. 

Yes I have good policies and multiple umbrellas but that does not protect me here.   

@Desiree Board For your mix of long-term rentals (LTRs), short-term rentals (STRs), and house flipping, an LLC is ideal for liability protection and pass-through taxation.

@Fabriel EbelConverting a multifamily apartment into condominiums in Beverly Hills is a detailed process that requires navigating city regulations and tenant protections.

A revocable living trust is another option for privacy and asset protection.Avoid gifting the property before death, as this would pass the original purchase price as the cost basis, creating a large capital gains tax liability upon sale.If the property is Subject A’s homestead, ensure the correct titling to maintain Florida’s homestead protection for Subject B.This post does not create a CPA-Client relationship.

Can we be protected without a deed transfer?

This is because DSCR loans do not follow/ pass consumer protection laws. when you live in the property, it creates massive problems for this loan type and the lender which would issue it to you. 

Typically people only get insurance on things that they own, or liability insurance for their own protection. 

Since I am strictly W-2, would it be smart to consider getting my LLC in order to protect my future investment properties, and while also reaping the tax benefits of having an LLC?""

Flat out, I realize we're friends/family, but I need this lease in place to comply with laws that require things in writing and for my protection should there ever be issues.