If your insurance coverage isn't enough, they could seize the LLC assets, but not your personal assets.Additional thoughts:1.

We believed that the main portion of that fee would go towards the tax strategy portion where your designated ‘tax team’ would help you create a customized ‘tax strategy plan’ to minimize your taxes moving forward, while the tax preparation for a simple portfolio like ours was thought to cost no more than $2k of the total fee.

Ideally, I'd like my first few projects to be local to me in Atlanta/West GA/NW GA market as I get my footing but am flexible for the right deal (out of state or more south/east of Atlanta which I know investors are loving right now).If you are an experienced investor currently cash flowing 500k+ annually I'd love to hear your thoughts on my goals, pitfalls to avoid, strategies to employ etc. 

We are both previous renters and we thought we could own a rental and be better than our previous landlords to other people.

The asset protection benefit is that I can utilize Special Allocation strategies whereby, I, as a natural personal individual, would own less than 10% of this new Partnership/LLC and my SMLLC would own the remainder 90% thus the majority tax responsibility would flow through to the SMLLC.Any thoughts from the professionals of BP is greatly appreciated!

I ask because I thought the loan had to be non-recourse - 

And that's every 3-4 years when tenants move out.Hope this gives you some food for thought.

Now there's a thought.

I recommend getting advice from an attorney if you can't figure it out from the law.In Virginia there are specific steps to take during an eviction, if you engage in a "self-help" eviction by the state's definition you create all kinds of problems. 

There is so much you can do that it would be difficult to do it all.When I have thought about investing in a new market, I looked at all the properties available and did drive bys.