In other words, build it’s income, credit, REI track record not a personal one, initially and liability protection eventually as assets grow.

In RE, the very best liability protection comes from tons of insurance and liability coverage is rather cheap.I have to admit, when LLCs became available I started one (the first in Mo. according to the Sec of State as it was filed the morning after the law was passed, they had no forms or instructions....but that's another story).

If this went through Probate the daughter should have been made aware of the liens and liability of the property.

My question to all of you is if I throw some deals together with investors prior to having an LLC to gain some money to put my LLC together am I opening myself up to big liability personally?

In most cases you will setup either a Limited Partnership ("LP") whereas you will have General Partners and Limited Partners or a Limited Liability Company ("LLC") where you will have Managing Members and Members.

It is looking like going the DBA route is ideal, but I don't really understand the mechanics of it, in terms of whether or not to use my SSN for the 'entity' since I understand there could be significant liability involved.

I try to hire a general contractor which claimed have all required insurance and bond.I am a little concerned do to I see the bond amount only $10,000. and his insurance is a businessowners policy and looks like he used his home as insured address.The link to his insurance copy: http://www.fileswap.com/dl/JZwaeMVqTi/liability.jpg.htmlI also have question on what is the bond used for and the liability insurance?

Thanks Kevin,I was concerned about my liability, so I contacted a good friend who put me at ease.

I have been in the real estate business for a few years but have recently rolled up my properties into an llc and set up a separate llc bank account in order to protect myself from a liability standpoint.

I have 20 fireplaces with 20 units.The buildings are 30 years old.I have in the lease where it says the fireplaces are inoperable and the tenants are not allowed to use them.They have to sign full name and then print with date next to the stipulation.Newer apartments don't have them anymore the wood burning kind for liability reasons.