One of the great things with real estate is that your creativity is the only limitation.

There is more liability I think.

However, you may have a large amount of personal assets and to add a layer of protection, your attorney may or may not reccommend an entity for liability purposes.If you are doing a lot of them, it certainly can not hurt, and the $ you would be making would more than cover the annual expenses of the entity.

I wonder - would general liability insurance provide coverage for an incident like this?

Its a liability just like your car or PC.

If you are concerned with liability issues, then I wouldn't by-pass any requirements.

Sounds like a large liability without any control.Would you really want someone else chosing what work gets done, by a contractor of their choice, at a price they agree to, that could end up as a lien against your property?

If you want to keep your father out of liability, he could just loan you some money to get started.

I invest in the Pittsburgh area (not REO's) and the best advice I could offer is to limit the geographical area to a workable distance.

The biggest issue the 2 of you will be challenged with is how may properties you own which are financed. 10 financed properties is the limit for full doc loans and 5 for stated income verified asset loans.Cash Out refinances under conforming guidelines are nothing special.