There seem to be ways to mitigate - so something for you to ask when the time is right - but just wanted to share that in case you are pursuing the avenue of your wife having the property in her name.

At least you will mitigate some of the risks associated with investing in property and all along the way you can keep learning from all the great content here on BP.Lots of newbies make the mistake of thinking that just because they can read a book or watch a video or podcast that they can comprehend what is really involved in property investing.

I'm not afraid of risk, but i'm not sure you have mitigated the risk here.I would calculate a ceiling by figuring out the costs for new plumbing, electrical, lead paint and asbestos remediation along with new walls, kitchen, appliances, bathroom remodel...Have you looked in through the windows at all?

FICO, mid 700s, $450k+ net worth, low debt ratio, four pieces of real estate held free and clear, no other mitigating factors. 

I have provided the 4-point & wind mitigation reports from my home inspection on this foreclosure to the prospective insurance carriers - both in good standing.You guys who purchase foreclosures for the purpose of hold & rent, who do you use for landlord / property insurance?

I do underwriting for loans that help new owners start businesses (usually their first). whether it's worth building really depends on what you need it for. here are some things you might want to include:narrativesource of equity injectionprimary source of repaymentkey risks/mitigating factors subject business: background and overviewmanagement operation: background and experienceownership structureindustry/competitive analysisSWOT (strengths/weakness/opportunity/threat)financials & analysis business projectionsbusiness credit report financial evaluation of guarantorscollateral evaluationjust give you an idea of what to include.

If you write your paper correctly up front you can mitigate a ton of the risk..

Insurance policies and LLCs are designed to help after an incident has taken place and both should be considered, but a thorough assessment of risks and a plan to mitigate those risks will help prevent an incident in the first place making both you and the potential victim better off.I think the choice of insurance or LLC is a personal decision based on your appetite for risk (which is why I try to gain more control and focus strongly on mitigation strategies).

Trying to mitigate legal costs especially when starting.3) At what point do you think it is appropriate to start approaching investors?

In this case, you mitigate you living expenses or potentially live for free w/ cash flow in your own space.