[/b]A few reasons: 1) the people promoting this often have dozens of properties, many of them owned outright, and use LLCs to insulate against personal liability and also to circumvent different state or local laws monitoring owners with more than a certain number of properties. 2) many people don't know what they're talking about and get excited about how easy it is to "start" an LLC which takes about 90 seconds and a $100-$500 filing fee in most states; their assets are not protected unless several requirements are met and most newbie investor LLCs don't meet the proper requirements. 3) People misunderstand how much liability protection you actually get with an LLC. 4) Lawyers, accountants, and "start your company" companies all get paid if you start an LLC whether or not it protects you so they have a vested interest in promoting their creation.

Hill and nine co-defendants — brokers, appraisers, lawyers and recruiters to the scheme — were found guilty on a combined 436 counts ranging from mail, loan and wire fraud to money laundering.

Don't' worry about the lawyer.

For that small sum of money it wouldn't be worth hiring a lawyer.

Just with 1month of vancancy can pretty much screw me over (rent around my area goes for about 1,500-2,000) and cant even imagine dealing with an eviction (lawyer fees, court fees).Can anybody please give me some options or suggestions on what I can do to get my REI started?

I do understand a little better, I will take the caution by getting some help with a real estate attorney who is also an investor ( who I met at a meetup event) once I get them to sign the letter of intent ( thank you for your videos on them) I will have them go with me to the lawyer office.

I am not a lawyer - but when I got married my wife owned property with a mortgage and did not have to change anything. so my assumption would be no.

He fought through it, opened his garage, and apparently does good business, but he had to spend some money on lawyer food to get there.

I am interested in any and all advice concerning Law (Real Estate Lawyers) Accounting (good CPA with Real Estate background) and finding good General Contractors.Don't want this to get too long so will stop and I hope I can connect with some good people in these areas (or other areas as well).

Accountants, Lawyers, Title Agents, etc.