A lot of people will recommend an LLC as it will protect your personal assess more that an umbrella policy would.

If I wanted to sell my houses in Two to three days I would do it by posting Atleast a dozen white or yellow corrugated bandit signs at every street intersection .

There are about a dozen jerseys in the room.  6 prints of Arnold, Mel Gibson as The Road Warrior, Sylvester as Rocky, Soldiers, Guns, Astronauts, and more pictures of pro atheletes in action. 

I have a half a dozen private lenders now and everyone (except my siblings) get 20%-25% and are ecstatic.

@Robin Morales, I'll give you the same advice I've given a half dozen other newbies who have posted the same question.

I also charge a secondary mgmt fee of  $150 every six months for a very thorough property and tenant assessment, and the second one is timed 45 days before lease end.   

You've assessed the costs for your state so it is a risk reward equation at that point in CA for example it costs $800 per year for an LLC so the math changes.

I have about $60K in equity on my first property in Avondale/Irving Park boarder in Chicago, but it isn't cash flowing (principal, interest, taxes, insurance and assessments is equal to my current renter's payments).

Requires landlords to perform an individualized assessment prior to denying any housing.

In fact, the politicians who are exploiting rent control are willing to lose tax revenue for the municipalities that they claim to "care so much" about as assessments will be lowered when properties begin to sell for less because their incomes have been reduced and therefore devalued the property.Rent control is only about votes for slimy and power hungry politicians.