I slapped this in the Starting Out section because I feel the people new to real estate would receive the most benefit from a thread like this.To get you started, here are a few I've seen:You don't need an entity for your investments, umbrella insurance is all you need - Right here on Bigger PocketsYou don't need umbrella insurance, all you need is an entity (LLC) - Again, here on bigger pocketsNegative cash flow is ok as long as (I'll stop here because I've seen about 10 "as long as" statements :) - Almost everywhere.Borrow money from a credit card or 401k to fund your real estate - Lots of places (Quick note: In the right circumstances, I don't think this is necessarily bad advice but for the general public, I believe it is).I have lots more but that should get you started.

Once I feel comfortable that I or my entity can own land free hold with fee simple title.

Maintaining your records, operating agreement, keeping the funds separate,etc Treating it like a business.To not have insurance would be foolish as well, but not putting a property in an entity is a rookie/amateur move.LLC's are powerful if handled correctlyDisclaimer: I am not an attorney, just an investor with several LLCs that have all stood up in court protecting me.

I’ve been asked for a business card several times, but I haven’t made any yet because I haven’t established a business name or entity yet.

Typically service companies (telephone, cable and garbage) can not and water and sewer (usually public entities) can.

If it's a community owned by one entity, you might get blocked.

You're part of the buyers group at this point and technically you're both one entity. 

Meals (unless that's just a LLC/entity thing).

Do not endanger your personal assets, and file your entity as you would if you were to start a restaurant, an auto shop, a car dealer, etc.Stop treating REI as a hobby.

The LLC is a disregarded entity for taxes, unless you elect some special tax treatment.