The reasoning for selling so cheap is because they had someone on a land contract who couldn't keep insurance on it and didn't pay the taxes.

Tyler, In regards to liability I would make sure at a minimum that your insurance is aware they have pets.

I’d recommend that you sell this and use the proceeds toward a property that you buy strictly as an investment where the numbers work or as a down payment on a house hack.

Some are automatically transferred from your Cash Flow expenses (water/sewage, insurance, property taxes) while others (electricity, HOA fees, etc) need to be added by you within the Rehab worksheet.  

Good morning fellow REIs,Does anyone have any suggestions/recommendations for an insurance company that sells liability insurance coverage for a vacant lot.

Hi all,Was hoping to get perspectives / hear stories on how others approached the possibility of selling RE assets and using the proceeds to paydown debt on other properties.Here is what I see as potential +’s and -‘s:+ increase cash flow by removing mortgages (so more passive income)+ opportunity to sell underperforming assets- less assets under management (so less potential equity appreciation)- taxable gains (will not redeploy into RE as my sense is we are near the top of the market)- 30 year fixed mortgages in place at low 4-handle rates (based on simple bond math, the value of my liability is shrinking on a relative basis as rates rise)Other facts relevant to my situation:* RE is but just one asset in my portfolio (and I’m fine with that); cash flow and appreciation are great, but I’m looking at the asset class as more of a long term hedge against inflation * not looking to leave my day job and / or replace W-2 income entirely with passive income * don’t need the cash flows from RE; again, I see the asset as a levered inflation-hedging play

I have employees in my LLC, and prior to Obamacare, if I get health insurance for myself, I have to obtain it for my employees, hence the management under the C Corp with health insurance where there are no employees.

Morning fellow REIs,Does anyone have any suggestions/recommendations for an insurance company that sells liability insurance coverage for a vacant lot?

The on-boarding alone is another full time job.As Julie McCoy pointed out, the advantages (marketing, payments, time input, expertise, insurance, legal, website creation/maintenance, SEO, reach) currently far exceed the dependency disadvantages of OTRs.For all that value and time savings, I wouldn’t even bother too much circumventing their communication system to deal outside their box.

Corporations and LLCs cannot represent themselves in legal proceedings, unlike individuals.