Overall, after depreciation protects most of the income, I have been earning about $4000/property after tax.  

Remember when Aon insurance came out with the 'rent protect program'?  

Before you purchase anything, it would be in your best interest to consult an asset protection specialist to ensure you and your assets are protected against legal liability and that your entities are setup in the most tax advantageous structure given your investment strategy.  

I also created a website to assist Real Estates Investor/ R.E professional  in protecting their assets.

Mainly, I am new to all of this so a few tips on the whole renting process would be greatly appreciated.2ndDo I need to put my home under a llc or any other protections before renting it?  

It is not fair to deduct any type of insurance coverage to the contractor because it is not our job to protect you. our job is to protect our own actions so we don't pass any liability to you.

But I personally think it's okay to wait until you have assets that need protecting before you start worrying too much about asset protection.If you do form an LLC, you would be able to open a bank account in the LLC's name and you would be the signatory for that account.

Hey Nick Brubaker you should use Buyers Protection Group and request Richard Chastain.

Many times the debate isn't really about the legality, but about conforming with lenders rules and/or consumer protection acts.

If I had a rule #2, it would probably be to protect my personal home and security - and this move would put that at risk.Using a HELOC to support investing can work, and it can be a good idea.