@Kumar GauravIt only provides asset protection if the LLC is properly managed.Other things to consider is what is your personal net worth.

My father doesn't make money outside of mowing for my mowing business and my mother only makes about $45k so they are unable to afford their nearly $4k/mo mortgage and are very close to short-selling their proper since my mother was just denied for a refinance.My question and topic for discussion is as follows: My parent's 14 acre farm in Northern Virginia (Loudoun County) has a tax appraisal of about $700k.

I also agree that properly executing a BRRRR take effort and some knowledge.I recommend everyone start local. 

The mortgage of $257,000 will be carried by the seller for a maximum of 18 months with interest only payments for the duration.

You also need to have the proper reserves when purchasing any property.

Any steps besides agreeing to terms, payments, and having the proper amortization schedule, that I need to be aware of.

Chicagoland including the city proper and all of the surrounding towns, villages, suburbs.

@Pedro Bartolomei It depends on a lot of factors, one thing in my state with a minimum of $800 annual fee for each LLC, having one per property starts adding up to quite a bit where for the price of one of the LLCs or so you can get tons of liability coverage and umbrella policy.Regardless, having proper insurance is important because it is probably more likely getting into a car accident and sued than having a tenant sue . when something like the first scenario happens it wont matter if you have 1 LLC or dozens.  

Ultimately though, the most important thing even over doing company vetting, is knowing how to do proper levels of property due diligence.

Each year, the bank will settle up to make sure it’s properly funded.