It is important to compare different loan options and choose the one that best fits your financial needs and goals.

What the best way to set up the properties to protect us from Liability.

What are your favorite real estate/frugality/financial independence strategies?

Even if uncomfortable, it's necessary to protect your interests and is fair to ask for copies of credit reports, conduct judgment searches and ask for references. 

A real estate broker or attorney could help you here or on the previous option.A legal document protects both parties, and most on here would recommend you use them, but sometimes between family members people don't use them.

FINANCIAL CONTRIBUTIONS:1.1 Party 1 Responsibilities:Party 1 shall contribute to the partnership for the down payment, closing costs, and construction costs for renovations and additions.1.2 Party 2 Responsibilities:Party 2 shall independently pay the mortgage until both properties are rented, oversee construction and renovation, manage both rentals, and handle bookkeeping during construction.2.

I had to not only list and promote but I had to protect the equity during the negotiations with the prospect buyers, coordinate the move out with the tenant, who was previous property manager and was exercising all her rights which tend to make the situation less than ideal for sellers/landlords.

Just understand that PMC will probably start eviction process, so you will NEED an attorney to protect yourself from an eviction on your record.

That’s the amount of time it’s taken me to get to Level 1 Financial Freedom where my passive income is paying my bills.

I’d love to learn more about things like: what other options can I consider for liability protection besides an LLC(I haven’t met a lender willing to lend via an LLC), what are some gotchas to be wary of,etc.