Which do you feel gives more protection?

I am born and raised in the Kansas City area and work in the fire protection industry. 

The general public needs a governing body to oversee this stuff to protect the public's interests.

I have a friend from my church who has suffered both financially and in her marriage relationship because they had to move from their apartment to a new apartment IN THE SAME COMPLEX. 

A lot of condos HOAs suffered terribly in 2008-2012.

Your best protection is making sure you scope out your property BEFORE placing an offer - in addition to the work it may need, make sure you have a real estate connection who can help you run comps and make sure the ARV works with the ROI you need to keep going.I'd make sure you have financing in place as well - you'll want to ask around and compare your interest rates and make sure the loan is rehab-friendly.

I would let them know that not only will you not be reimbursing them for unapproved work, but you now have to hire someone to inspect the repair to make sure your property is protected.

How can I protect my personal wealth if I don’t form an LLC ?

@Satish ReddyYour best bet is to reach to estate planning attorney for your personal protection and then to real estate attorney for your properties.

That is where I am getting all the side benefits like welfare plan and where I can take a salary to get active income if I want to contribute to a QRP.However all my single member LLCs are owned by a WY holding LLC to get the WY charging order protection and consolidate all tax reporting through one entity only.