So if its in the LLCs name, and the mortgage is in my name, and someone gets hurt on my property, that wont protect us?

Protect yourself by having an addendum included in your agreement that the funds will be returned to you in full under the following conditions: [you fill in the blank].I'm not sure what TREC is, sorry.

There is no effective way to of getting protection for owners against abusive and greedy hoa president..any advice is accepted thanks guys.

Best way to protect yourself is to run them like a business, maintain your properties and get an umbrella policy.The LLC and trust will provide some anonymity, but any good lawyer will find you.http://www.nolo.com/legal-encyclopedia/do-living-trusts-protect-assets-creditors.html*Obligatory - this is not legal advice.

I know familial status is a protected class, and if this was 2 adults and 2 kids, it's a no brainer what should happen.

It's not that the umbrella is actually protecting your net worth - like, if you have $2m in assets and $2m in coverage you'll never have to pay anything out.

I am curious about the need for a property manager in these situations as the tenant would also have equity to protect...would that negate the need for professional management?

I want to make sure I protect myself before investing in the rehab.ThanksMatt

Failure to do so negates the corporation, and in the event of a law suit, the asset protection of the Corp disappears.

The purpose of us starting the PM company was more to protect ourselves than anything to do with bogus accounting.