For protection you can just buy a good sized umbrella (liability) insurance policy for a few hundred bucks.Now if you are flipping the property, then I would want to have it under an LLC.

@Brandon StevensonWhile using LLC for your rental properties is a great choice for asset protection purpose, doing so for your primary residence is rarely a good option.Doing so would have consequences regarding: Mortgage deduction,Homestead protection,Loss of the section 121 capital gain exclusion,Cost of insurance,Cost of mortgage,Property taxes in some states,

@Shabreya Bangura:I've tried to reach to the attorneys here in the valley where I am located non of them have any idea what I'm talking about nor want to help me review/build a contract that will protect me and be legally correct as you say 

Some people are dead set against them while others completely believe you need the asset protection because you can never acquire enough insurance in case of a catastrophic incident.  

For example, I have read that creating an LLC in Wyoming offered good liability protection, but it is not 100% clear that I can buy, for example 1 house in OHIO, 1 house in INDIANA and 1 house in FLORIDA, and then hire property management.

However, I want to make sure I am protected and he is as well.My questions to you all is I’m thinking on not only getting a home inspection, but I’d like to take the contract that we sign and run it past my lawyer as well, which I plan to do until I feel I I am more comfortable with that piece of the real estate game.

Keep in mind if this doesn't work out perfectly, your reputation at your job will suffer. 

Might as well have them review the new lease so you are fully protected when sh*t hits the fan.I am not a lawyer.Hope that helps :)

You may be able to pay the realtor, but they are there to protect the seller.

Tampa suffered the same problem over the last several years.