Now I know that putting a property into an LLC is generally touted as the best way to protect yourself, however I am wondering the following.If I transfer my owner occupied property into an LLC will that in any way negate the items I can deduct from my personal taxes?

That is exactly the angle we use... very successfully I might add.It is very important to get their rents to market rate, but IMHO it is more important to get them on a good lease that protects you and your asset.

No release will protect you.2 options, you can ask your insurance agent about getting some insurance to cover the job.

the mortgage company has an insurable interest in the property, because you are not taking precautions to protect their investment, they can. and they can tack it onto your bill.

Bad TenantsMost of these types of people can be searched by looking through the public information on your local courthouse records.

You mentioned we could be in the middle of 2 law suits, would this help protect us at all?

If they do that where you live, an agent should be able to pull that data for you.Very eventually, it will appear in the public records.

This post is one investor's techniques for building a quality out of state team; starting with how he qualifies Realtors and Property Managers, and determining if a PM will protect his interests.

Generally a standard umbrella insurance policy can protect you from a large amount of liability ($500,000 to $1 million).

Welcome to BiggerPockets.It's 1978 and it is a federal law that you must provide your tenants with the "Protecting your family from lead in your home" booklet and have them sign the lead disclosure form.To find the booklet just google for the title above and you can download a pdf and print it out on your computer.