I would like to protect myself in case of any legal issues and/or have a business deduction from my yearly taxes.

For purposes of this Paragraph an environmental defect is a234 toxic or hazardous substance at a level and condition found above those set as acceptable by235 the United States Environmental Protection Agency, the Illinois Environmental Protection236 Agency, the Illinois EmergencyManagement Agency or applicable local governmental237 agency.

If it's your first deal and looking for liability protection, get an umbrella policy and move on.

there was a huge void there of players that wanted to fool with these low value assets..  

This also protects you from dying trees, etc, and tenant is responsible for keeping it healthy/nice.Good luck!

Make sure to set-up your keyword alerts in your settings here on BP so you can be notified of topics/connections you'd like to follow.I'd also recommending joining your local investor groups on Facebook - easier to connect with local players and get boots-on-the-ground type referrals.Best of luck to you!!

Hi BP, A little back story on my situation. My friends aunt passed and her family is now going through probate. They will everntually have to sell the home. they offered me the home for 500k and on market would be abo...

Hard money lenders are used to private loans, have vetted paperwork, and can evaluate the property, your lender, and you to make sure this deal makes sense for all and that everyone is adequately protected.

My idea was going to be to add a partition wall to split the garage so each tenant had the own side as well as added privacy / protection.

Most people setup an LLC for this for the added level of liability protection.