So you'll need your LLC to have bank accounts, check books, address, everything.Or you can just keep it in your name and get an umbrella insurance policy.Also, if you do not have a ton of equity in your property, then you have very little for someone to sue you for... 

All I had about $40K to my name and spent a good deal of time looking at properties, reading blogs, browsing Bigger Pockets, attending seminars.

Hey bigger pockets, What was the hardest lesson you had to learn when you started your journey into the real estate world?

I love bigger pockets podcasts and the forums.

Bigger Pockets is a great place to start for real estate investing, and it is the place to get deals done the right way!

@Caryn CasarezCorrect that your spouse would also fall under the disqualified party umbrella. 

I was thinking about something I heard on the BP podcast once about starting out doing bigger deals so that the natural exponential growth of my business would grow off a much larger base.

Hello fellow Bigger Pockets members.

Then it is pretty cheap to add an umbrella policy which will provide you with a ton of liability protection.

I am guessing that they will suggest that you require the Tenant to have:- General Liability (1,000,000/occurance)- Umbrella Liability ($1mm or more)- Professional Liabiity ($1mm or more)- Tenants Legal Liability ($500,000 or $1mm)-  Abuse/Molestation covered under the Liability or as a separate limit)- Business Auto Liability ($1mm)- Workers Compensation & employers Liabiltiy- If they paid to make modifications to the property to be able to operate (ie. ramps, special doors, etc.) they may need Additions & Alterations coverage depending on what your lease says on who owns those.They will probably seek to add requirements that shift the burden of Insurance to the tennant for something that you both get drawn into.