Need advise on how to set up best and practical asset protection.

When in doubt I'd advise to extend a closing and pay a professional in their respective field to make sure you are protected. 

Hi @Parney Willson, my short answer is that there is easier and less risky money to be made in real estate than buying a condo with a rent stabilized tenant, in NYC.1) Condo - lots of additional due diligence needed on the condo association and risk to you if others do not keep up with their dues2) Rent Stabilized tenant - NYC recently implemented a new set of regulations called the Statewide Security and Tenant Protection Act 2019.

For example, if there is only 20 to 25% equity in the properties (that is a protection), there's nothing much for anyone to get in a lawsuit.

The joint venture process won't give you the same asset protection though.

The only drawback I have found in this method is I may loose the Liability protection on my Parent LLC if one of the other LLCs has a problem since it would be listed as a Member.

Danny:I didn't get the sense you are so much suffering from analysis-paralysis as much as healthy dose of concern you might be stretching yourself too thin.   

Hi BPer's,So I'm attempting to take on my first investment (fix and flip). I have 2 other partners on this project. 1 of which is my current business partner in our renovations company. The other is an investor I foun...

I also have a security system in the safe room to protect it.

Protect the cashflow from Higher Interest Rate in the Future.