If your policy already has $1M limit, the umbrella might be overkill until you start adding properties.Again, I’m not a lawyer, but if the idea is to protect your personal assets, if you have your properties set up in an LLC, and that entity is properly insured, why would anyone need to come after your personal assets? 

If or when you win,  the court may also grant attorney fees (if you use a lawyer), court fees,  and of course the money owed. 

Some lawyers charge in 15 min increments, meaning you pay the full 15 mins even if you spend 2mins.

I use Lawyers Express Title (LET) in Lutherville-Timonium.

Get an agreement written by a lawyer outlining the equity split and profit split.

(Mike Schorah for President)The way the laws are in illegal states are as I can read them… I am not a lawyer.

The first lawyer I talked to was very against the idea of these lease option arrangements , and even said that having any option contract, no matter how it is written, would mean I could not evict at the magistrates' court.Subsequent lawyers I've talked to told me what I want to do is perfectly fine.

The dude is NOT a lawyer. 

I have a lawyer who will oversee the contract and review all documents.

However, any good lawyer could punch holes, if necessary, in a worse case scenario through your LLC/liability, etc.