Hello Everyone,I have recently bought a single family house in Melrose Park, IL.The property needs a little bit of work to make it ready for renting.

@Spender Hoyt -  You must be working with a single branch mom and pop bank because no reputable bank in the country would work directly with you.

There are still properties but I see so many REO properties completely over priced and have had offers turned away on properties that have been on the market for over 90 days and the listing price does not reflect a single comp in the area.

For every 50 people who say "You have to form an LLC if you own rental properties", there's another 50 who say, "No, just get a good umbrella policy".Here's my situation........My wife and I purchased a single family home in NY a year and a half ago and have been fixing it up (don't ask why it's taken so long.

A single family home or a duplex or a multifamily home?

Single family, apartment, small multi, commercial?

My insurance agent suggested liability umbrella over my vacation rental property, "life," and my single family long term rentals with American Alternative Insurance Corporation.  

We purchased a single family home last year in Abilene, Texas (small town) and had a lot of problems with the builders and sub-contractors.

We have all experienced wiping out a year or more of positive cash flow in a single expense or numerous expenses in quick succession but realise over the long haul we will/should come out ahead if we buy right.

Or can I buy properties with a single out of state LLC?