I've been doing a lot of homework & have learned a lot about asset protection, rental income, flips etc., etc, but my real area of concern is deal analysis.

You're going to need some type of written documentation to protect your portion of the investment, ie the rehab expenses.  

When do I protect myself with a LLC? 

:)I am also looking to purchase an investment property and I want to put it under the business so that I can have protection for my personal assess and be able to deduct any expenses to reduce my overall taxable income. 

Its a layer of protection that is vital for any real estate investor. 

It seems like we're almost protected should the market go either way.

Hi all,What kind of legal protection/steps should I seek before buying a possible rental or property? 

It's more important to protect your downside than it is to maximize your upside.Rarely, if ever, put your whole bank roll at risk.Pass on marginal deals.3.

@Steven Paul I'm sure there are some threads already established about tax deeds, not my area of expertise so I couldn't advise. 

(I'm not a lawyer or an expert on the many borrow protection laws in place at a federal level, so wage garnishment may even be prohibited by federal law.)