I’m going to say this, there are a lot of moving parts and every deal is different so just be sure that you are protected and do not spend money out of pocket if we can avoid it.

You will need to divest yourself as owner in order to protect it from your creditors.I am sorry to hear about your problems.

If you budget for expenses and vacancy correctly and still have cash flow then fluctuations in the market shouldn't really bother you... if you're relying on equity, a market correction would hurt.Not to mention that people big in asset protection would say you are better off having little equity so there is nothing for someone to try to sue for.Just my $0.02.

@Mitch Dowler Chicago had it added to the protected class list so it is now a Fair Housing Violation.

Is there a contract to put in place to protect myself as I proceed to look and take down these properties that fit his criteria?

should or can you buy insurance on the house to protect your investment??

Thanks @Steven Hamilton II It seems that we would then need a good insurance policy to go along with the partnership, since we wouldn't be getting the liability protection provided by an LLC.

'You need to set up entities to protect you from lawsuit liability' is the general advice.In my area, liability insurance cost $22 per year for 300k Somebody needs to explain me, what can happen, which is due to my negligence and cost more than 300k?

Many investors are looking to do a JV partnership with money partners, but you have to be extra careful to go with an investor and contractor that is really experienced and all the protective legal paperwork written up ahead of time.Good luck to you.

A LLC is basically a tool for asset protection.