RE being illiquid also plays favorably here since banks will not 'call' the loan if the asset price drops.Several states also have non-recourse laws for homes which protect the investors personal property from creditors.

Would you rather have an extra $25 a month ($300 a year) or $5,000 in protection?

I do tell them to get an umbrella policy on top of the regular insurance policy for added protection.

Then we had to tie into 24/7 monitoring + an annual inspection which we are now upgrading for a much better price than ADT/Protection One. 

Told him to leave ill do it myself.)Bad sill plate on rear corner (contractor)Replace front porch postsBuild backporch stepsDemo barnInstalling concrete footers under home, laying block and shimming to your jacked levelSetting house back down on blocks and reattaching to foundationRemove floor and portions of subfloor in kitchen & back porch and replacement Window repairTemporary power pole (electrician)Electrical service upgrade, outlet replacement and GFCI Install (mix of Electrician and us)Label panels (electrician)All exposed wiring must be protected (basically just replaced all of it)Replace missing light fixtures (new fans throughout)Build wall in living room to convert to 3rdbedroomRe plumb house and pressure test plumbing (plumber)Install smoke detectors hardwired to meet code (electrician)Water Heater electrical line, and core discharge for water heater under house (plumber)Tear out Old ac unit under houseWindow screensWindow locksBackflow prevention valve (plumber)Fart fan ventilation for bathroomApproved Address Number DisplayedFlaking paint abatement interiorClothes Dryer exhaustPaint Untreated woodRemove all debris, Remove old tiresRemove chain link fenceTreat house for black antsPoly floorsMud and paint wallsAppliancesDoors/locks.Roof patch, remove 12x24 section, cut out rot, sister in new beams, put new plywood & shinglesPiles and piles of new electrical wiring (electrician/us)Sand all walls and spray texture ceiling and walls with joint compoundPaint whole house inside and outNew trim everywhere.Sand the every living hell out of the floors (100 hours of labor + help)Gutters and french drainNew mailboxA/c Unit.

Personally for myself I was hoping for more meat and potatoes re sessions, I felt like most of the information was surface level and geared more towards new investors.

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,

I think its a great route and have been gearing up myself to do the FHA 203K route myself.

@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