You will notice some of us have “pro” banners, and those can be helpful for locating attorneys, CPAs, brokers, and other RE pros.

Again you should consult an attorney.

I've been told by an attorney that it goes away after 10 years, however we may not want to hold the property for that many years.

Have them all get on the phone with a CPA and Attorney and create a Asset Protection plan and structure.

Is there a cheaper streamlined approach to this or do we need to go through the whole probate filing and attorney hiring which I believe will be around 5K?

@Emilie Ponsin I'd contact an attorney in the NY area. 

Talk to a securities attorney.

@Jesus Ramirez Income from wholesaling is treated as active income, subject to self-employment tax in addition to regular income tax (at ordinary rates).An LLC is one option but your entity structure should be decided after a full analysis of your situation by your CPA and attorney.

I asked my attorney he said you should have a separate policy that goes under the LLC don't put it under your name. 

All I wanted was info...had to hire an attorney to get my company off title...it’s was a terrible experience so I have never done any business with this outfit since that experience.