Get liability umbrella for insurance and you also get insurance from some of the booking platforms.   4. 1031's work on STRs.Cheers!

However, you could also get an umbrella insurance policy instead of opening an LLC and moving the financing (if you have any) to the LLC.

I haven't done this yet because I'm not sure if I can get an umbrella policy to cover all my assets especially if I have some in a trust and some in LLC, or if I should just put them all in the trust.

Get the deals going first, build some equity and cash flow, set them up with proper insurance and umbrella insurance coverage, establish proper maintenance and property management, then look into structures, entities and strategies for asset protection.Here, a diagram to help you on this path:

I would also require him to get a million dollar or more, Umbrella policy.

In either of these formats, the plan provider is performing legal structuring to put you directly in control of the funds and operating out of a bank account of your choosing under the umbrella of the plan. 

Asset protection,Reside in CA, and read about RE investors having the option to start a LLC in NV that's within a trust and also purchase an umbrella personal liability insurance policy (upwards of a $1m - 2m+), to give aspiring RE Investor the proper business structure, security and protection in case of the inevitable lawsuit and/or other costs of doing business. 

Thanks for the info, I found out more about the LLC for protection vs an umbrella policy too.

I would also recommend adding an umbrella on top of this liability limits-- especially as you build a sizable portfolio. 

total $1000 monthlyRemember most of the cashflow cities are just coming back to 2006 levels.. 130k down can get you a duplex, triplex or quad in riverside and san bernadino county. cash flow probably $400 to $500 a monthabout your other questions,,Need to set up LLC in state of property--- you dont need that. just a landlord insurance and a umbrella insurance to cover you.Need to set up business bank account--- rental income can be deposited in any accountNeed to find Mentor-- yes Need Attorney-- what for?